Singapore – SBI Digital Asset Holdings Co. and SIX Digital Exchange confirmed that they are planning to develop a cryptocurrency exchange platform that will reside in Singapore and start operating by 2022. The project, subject to the Monetary Authority of Singapore’s regulatory approval, sees formalized Singapore operations starting 2021.
Since both SBI and SIX have healthy relationships with Swiss and Asian businesses, other partnerships are expected to follow. The joint venture’s issuance, CSC platform, and exchange are expected to follow the existing Singapore law.
According to SDX’s head officer Tim Grant, the project’s mission is to go live as soon as possible, especially in Southeast Asia. They also expect to have market participants from Singapore as soon as the project launches.
Tim Grant also stated that the digital asset exchange platform’s real challenge might experience global liquidity. Tons of institutional markets do not want to trade 9:00 AM to 4:00 PM then go to the next.
Currently, Bitcoin already surpassed its December 2017 all-time high. Many crypto critics said that the world of crypto and digital currency is starting to come of age. Companies like Square Inc. and MicroStrategy Inc. are now embracing digital currencies. The famous Stan Druckenmiller and Paul Tudor are also some of its winning fans.
Despite having a volatile market, SBI and SIX saw a spate of expansion plans. Although some digital asset exchange platforms are still struggling with legal and regulatory issues, the founders are confident to continue with the project to promote decentralized finance and faster crypto exchange.
SIX Digital Exchange and SBI are currently outlining some big plans for the 2022 project. The exchange plans to offer equity on both private placements and listed shares. According to Grant, this venture will focus more on crypto-assets and non-bankable assets like art and real estate.