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In a move signalling its progressive stance on digital currency platforms, the Monetary Authority of Singapore (MAS) has granted AsiaNext a Recognised Market Operator (RMO) license.
The license allows AsiaNext – a joint venture between SBI Digital Asset Holdings (Japan) and SIX Group AG (Switzerland) – to operate an organised market for securities and collective investment schemes and sits alongside its in-principle approval Capital Markets Services (CMS) licence from MAS, granted on earlier this year.
Now, with the official nod from MAS, AsiaNext is primed to further expand its offerings, secure in its regulatory compliance.
AsiaNext CEO Chong Kok Kee expressed his gratitude and commitment to upholding these high standards. "Since our inception, the team has worked tirelessly to construct an institutional-grade exchange based on stringent compliance and risk management standards that govern our entire organisation as well as the multi-asset classes that will be traded on our venue," he said in a statement on Wednesday.
The firm noted the growing institutional appetite for trading digital assets as well as the lack of regulated and secure venues to meet this demand. Thus, such regulatory endorsements are crucial. They not only instil trust in potential investors but also ensure that platforms like AsiaNext maintain transparency, security, and reliability in their operations.
MAS' decision underscores Singapore's evolving role as a global hub for fintech and digital currency innovations. As AsiaNext embarks on this new chapter, it joins a select league of exchanges that can boast full regulatory approval, positioning it well in the dynamic landscape of digital asset trading.
This news comes at a pivotal moment in the crypto industry's growth, where the blending of regulatory oversight and technological innovation sets the stage for a safer and more inclusive digital financial ecosystem in the city-state.