- SDAX receives permission to launch a digital exchange.
- The exchange firm would be regulatory compliant with strict adherence to KYC and money laundering regulations.
- The sixth-largest law firm in Asia supports this exchange.
Digiassets Exchange, popularly called SDAX, has announced that the Monetary Authority of Singapore (MAS) has given it an approval in principle(AIP) to launch a digital asset exchange.
According to available information, SDAX said that the authorities have given it a market operator license which means the firm can now support trading activities via its platform. The chairman of the firm, Khoo Boon Hui said that the government approval puts the firm in a unique position to attract investors around the world to its platform.
The former police chief also added that the exchange firm was also looking to help the Fintech industry in Singapore grow through the creation of innovative features that would lead to seamless fundraising and also trading of digital assets. The exchange is expected to be built on the Ethereum blockchain and would operate for 16 hours daily.
Like every other exchange company, users of its platform are expected to provide necessary information to comply with the Know-your-customer principle and the exchange would also enact policies and measures that would check money laundering activities.
SDAX enjoys the backing of the sixth-largest law firm in Asia, RHTLaw Asia. The law firm allowed the exchange to use its legal resources plus its fintech and professional services to obtain the API from the financial regulators.