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COINTURK NEWS > Cryptocurrency News > Crypto Currency Exchange DigiFT Receives Regulatory Approval from MAS
Cryptocurrency News

Crypto Currency Exchange DigiFT Receives Regulatory Approval from MAS

In Brief

  • DigiFT, a crypto currency exchange, has successfully met the requirements of MAS FinTech Regulatory Sandbox and received regulatory approval from the Monetary Authority of Singapore (MAS).

  • DigiFT is the first exchange with an automated market-making mechanism accepted into the prestigious MAS Sandbox.

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COINTURK NEWS 1 year ago
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The concept of Regulatory Sandbox refers to a framework established by a financial sector regulator to allow private companies to test innovations brought under the regulator’s supervision in a controlled environment on a small scale.

DigiFT’s success is not limited to this. The crypto currency exchange also obtained the Capital Market Services (CMS) license from MAS on Tuesday. In addition, the exchange overcame an important challenge by obtaining the Recognised Market Operator (RMO) license on December 1st. This regulatory approval emphasizes DigiFT’s commitment to comply with the highest standards and regulations set by MAS.

Balancing Innovation and Regulation in Singapore’s Crypto Environment

Singapore is in a delicate balance between promoting innovation and implementing strong regulations in the crypto sector. Ravi Menon, Managing Director of MAS, highlighted the multifaceted nature of crypto currencies, stating that they have a potential beyond speculative crypto use despite not passing the “digital money test”. The approval of DigiFT showcases Singapore’s progressive approach to recognizing innovative business models in a controlled environment.

Zhang, the CEO of the crypto currency exchange, stated that “DigiFT became the first exchange with an automated market-making (AMM) mechanism accepted into the MAS FinTech Regulatory Sandbox.” Automatic market-making eliminates the need for centralized exchanges in decentralized exchanges (DEX).

Zhang also explained that MAS Regulatory Sandbox serves as an observation platform for innovative business models and fulfilling its conditions is mandatory for full licenses. Considering that no other business model with an AMM mechanism has entered the MAS Sandbox yet, the success of DigiFT indicates a unique situation.

DigiFT’s platform, built on the Ethereum Blockchain, will revolutionize secondary trading liquidity. The exchange will facilitate the trading of asset-backed securities tokens, such as bonds and stocks. Investors will have seamless access to assets on the chain using fiat currency or stablecoins and will be able to trade and use them.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 5 December, 2023 - 10:10 am 5 December, 2023 - 10:10 am
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