Blockchain-based digital asset trading platform SDAX is one step closer to launch after securing initial regulatory approval from the Monetary Authority of Singapore.
SDAX is an institutional grade digital asset trading platform that uses blockchain technology to simplify and speed up traditional exchange processes, opening new fundraising and investment opportunities.
On launch, the trading platform will offer digitised debt, equity and hybrid instruments with high-quality real estate as the underlying asset class.
Chairman Khoo Boon Hui says the regulatory approval from the Monetary Authority of Singapore, known as ‘approval-in-principle’ (AIP), the trading platform is “in a strong position to attract asset owners, accredited investors and institutional investors from around the world”.
He adds: “SDAX will contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalised and digitised assets like real estate.”
SDAX advisory panel chairman Mah Bow Tan says: “Singapore is a globally trusted financial hub with strong government support for fintech and blockchain technology, backed by a forward looking and comprehensive regulatory framework to govern digital finance. These factors will give the global market significant confidence in home-grown digital asset exchanges like SDAX.”
Investors will be required to meet the highest know-your-customers and anti money-laundering standards to access the trading platform’s 16-hour daily trading covering all major markets with T+0 settlement.
Leveraging the Ethereum protocol with an integrated custody solution, the trading platform offers easy, reliable and secure access to liquidity pools and new investment products.
The trading platform is backed by the RHT group of companies and was developed using its ecosystem of legal, fintech and professional services.
Tan Chong Huat, non-executive chairman of RHT Group and non-executive deputy chairman of SDAX, says: “The synergies between SDAX and our network of RHT professionals have enabled us to obtain the AIP within good time as well as strengthen our pipeline of projects to be listed and traded on SDAX in 2021.”
“As an agnostic platform, SDAX can attract a wider net of investors from across all financial institutions to its exchange.”