Digital exchange operator Fusang has received regulatory approval to conduct Asia’s first initial public offering via blockchain-based equities.
Regulators from Malaysian offshore financial center Labuan approved Fusang’s application to list its own token as an equity IPO.
Fusang is planning an IPO of 2.5 million FSC (Fusang Corporation) equity tokens valued at $4 each to raise $10 million.
The FSC equity tokens will be issued on the Ethereum blockchain and listed on Fusang Exchange by the end of the first quarter this year for both institutional and retail investors.
Asia’s First
Fusang will be Asia’s first to make an entry into the regulated token-based equity IPO market.
«Our ambition is to bring regulated securities into the digital era by demonstrating that the security token ecosystem is compatible with existing securities regulatory frameworks,» said Fusang Founder and chief executive Henry Chong.
«As we work towards this goal, it is vital to demonstrate the operational ability of our technology by using it ourselves – rather than turning to traditional equity markets, as other digital asset exchanges have done.»
