Digital asset exchange, ECXX obtains the Recognised Market Operator license from MAS

Digital asset exchange ECXX Global Pte. Ltd (“ECXX”) is pleased to announce that it has graduated from Sandbox Express under the Monetary Authority of Singapore’s (“MAS”) FinTech Regulatory Sandbox Framework with the Recognised Market Operator(“RMO”) license with effect from 1 January 2022.

As one of the pioneers in the digital asset market in Singapore, ECXX successfully entered the MAS Sandbox Express in August 2020 and its graduation from the Sandbox Express followed its admission into Top 60 Fintech Startups in Singapore in December 2021 by StartupLanes.

The use of blockchain technology in recent years has seen a strong profusion in novel digital assets such as stablecoins, utility tokens, non-fungible tokens and decentralized finance applications. However, the market capitalization of such assets still pales in comparison to traditional securities and derivatives. ECXX believes 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.

ECXX has also applied for a license under the 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. It is in a privileged position as a leading digital asset exchange to offer both digital payment token and security token exchange services in Singapore.