singapore DBS digital asset

SDAX Gets Approval to Launch Digital Asset Exchange in Singapore

Digiassets Exchange (SDAX), an institutional-grade digital asset trading platform based in Singapore, says it has received the in-principle approval from Singapore’s central bank to prepare for the launch of its digital asset exchange operations.

SDAX announced Monday that it has received the nod from the Monetary Authority of Singapore (MAS) for its Recognized Market Operator (RMO) license, and is now set to launch its trading platform. With the license, SDAX will enable clients to trade fractionalized and digitized assets such as real estate, as well as raise funds with the security token offering service. 

SDAX Chairman, Khoo Boon Hui, said, “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. SDAX will contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalised and digitised assets like real estate.”

With an aim to simplify and speed up traditional exchange processes, the digital asset exchange is built using Ethereum blockchain while offering an integrated custody solution to its clients, according to SDAX.  

DBS to Launch Digital Exchange

In December 2020, Singapore-based DBS, the largest bank in Southeast Asia, announced the launch of a full-service digital exchange.

The DBS Digital Exchange will be focused on institutional and accredited investors, providing tokenization, trading and custody services for digital assets. Additionally, it received backing from the Singapore Exchange (SGX), which will take a 10% stake in the exchange.

Positioning as the global hub for crypto services and blockchain development, Singapore has increasingly more new crypto exchanges launched in the nation-state. 

Last month, Gemini, the US-headquartered crypto exchange founded by the Winklevoss brothers, announced an expansion of its Singapore operation, with new token listings, features and hires. It has added support for the Singapore dollar on its mobile and desktop apps, allowing FAST bank transfers for account deposits and crypto purchases via debit card using Singapore dollar.