DigiFT's recognition from MAS comes after an 18-month process that saw it go through the central bank's FinTech Regulatory Sandbox.
"The MAS admits innovative business models to their regulatory sandbox to observe such models within a controlled environment, and one needs to graduate from the sandbox in order to receive full licenses," Zhang said. "No other business model with an AMM mechanism has been admitted to the sandbox. As the first regulated exchange on the public blockchain to use an AMM mechanism for secondary trading, we will continue to push the frontier of innovation, including with the tokenization of real-world assets.”
Built on the Ethereum blockchain, DigiFT's platform will offer secondary trading liquidity for security tokens backed by real-world assets such as bonds and equities, meaning investors can subscribe, trade and redeem on-chain assets using fiat currency or stablecoins.
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