The blockchain-based digital asset exchange for security tokens has received a license to support the issuance and trading of digital capital markets products.
Singapore-based ECXX has graduated from the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox with a Recognised Market Operator (RMO) licence, effective 1 January 2022, it said in a press statement on Monday.
The bourse has also applied for a license under the Payments Securities Act (PSA). It is currently operating a digital payment token exchange based on the exemption period granted by MAS from holding a license under the PSA, ECXX said.
Wider Adoption
ECXX said that securitization and trading of securities using blockchain will make alternative investments like private equity, real estate, and other traditionally illiquid assets more accessible and liquid.
«Blockchain technologies like smart contracts can make securities more transparent and innovative, and it is excited to be part of Singapore's journey to become a global digital hub,» the firm said in the announcement.
ECXX was founded by fintech entrepreneur Branson Lee in 2016 entered the MAS Sandbox Express in August 2020. Among its leadership team is Kok Kee Cheong, who spent over two decades at UBS and J.P. Morgan. The bourse also announced a partnership with UOB in 2021 to offer securitized token offerings to investors under its UOB Kay Hian brokerage.
