- DigiFT has been granted the CMS license and RMO status by Singapore’s MAS.
- The CMS license enables DigiFT to deal in regulated securities, including facilitating the issuance of security tokens.
- RMO recognition allows DigiFT to operate as an organized market for secondary-market trading.
Digital assets exchange DigiFT proudly announced that it has been awarded the coveted Capital Markets Services (CMS) license and recognized as a Recognized Market Operator (RMO) by the Monetary Authority of Singapore (MAS). This comes after the Singapore-based exchange became the first and only platform for on-chain assets to enroll in the MAS FinTech Regulatory Sandbox.
The CMS license empowers DigiFT to engage in the regulated activity of dealing in capital markets products classified as securities. Notably, this includes facilitating the issuance of security tokens. Additionally, the RMO recognition grants DigiFT the authority to operate an organized market for the secondary trading of security tokens on the public blockchain.
Henry Zhang, the founder and CEO of DigiFT, expressed his enthusiasm, stating, “Securing both the CMS license and RMO recognition is a significant milestone in our journey to enable regulated access to financial opportunities on-chain.” He further emphasized the company’s commitment to innovation, particularly at the intersection of finance and blockchain technology.
MAS, known for its proactive regulatory framework, has taken a firm stance on cryptocurrencies. Recently, Ravi Menon, the managing director of the MAS, declared that cryptocurrencies have failed the test of digital money. Menon stated that crypto will eventually exit the monetary system.
Despite this, Singaporean firms, including DigiFT, have welcomed the regulator’s approach. This moment is evidence of Singapore’s broader move to position itself as a more facilitative hub for aspects like tokenization, according to Zhang.
Established in 2021, DigiFT prides itself on being the first and only decentralized exchange with an automatic market-making mechanism to be enrolled in the MAS FinTech Regulatory Sandbox. Looking ahead, the exchange aims to expand the availability of its app across different regions and enhance the user experience by introducing more user-friendly features.
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