Today Singapore’s DBS Bank confirmed it has approval from the Monetary Authority of Singapore (MAS) to launch the DBS Digital Exchange for tokenized assets. Institutional and accredited investors are the target clients with both cryptocurrencies and other digital assets to be offered. Additionally, SGX is to take a 10% stake in the Digital Exchange.
The platform’s three aspects are security token offerings (STOs), a cryptocurrency exchange, and digital asset custody.
STOs will encompass tokenized shares in unlisted companies as well as bonds and private equity funds. These are the asset classes enabled by the MAS Recognised Market Operator license, which is ‘in-principle’. That designation means that if the DBS Digital Exchange were to become foreign-owned that licensing could be revoked.
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