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Singapore-based Company, Digiassets Exchange (SDAX) says it has received the nod from the Monetary Authority of Singapore (MAS) to prepare for the launch of its digital asset exchange operations.
SDAX announced this week that it now has an in-principle approval from the city-state’s central bank for its Recognized Market Operator license and is now set to launch its trading platform.
The exchange, which is built using blockchain technology, aims to “simplify and speed up” traditional exchange processes, it said. SDAX will now be able to help clients raise funds and trade fractionalized and digitized assets such as real estate.
Investors using the exchange will have to meet strict know-your-customer (KYC) and anti-money laundering (AML) standards to access SDAX’s trading platform, which covers a number of markets with T+0 (transaction plus zero) days settlement.
“With the AIP from MAS, SDAX is now in a strong position to attract asset owners, accredited investors and institutional investors from around the world to our Singapore-based platform,” said SDAX Chairman Khoo Boon Hui.
SDAX is backed by RHT Group, which allowed the exchange to use its legal, Fintech and professional services to obtain the API.
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