AsiaNext Secures Temporary License to Offer Digital Currency Services in Singapore

AsiaNext is a joint venture established between SIX and SBI Digital Asset Holdings with the aim of providing digital currency services in Singapore. The company has announced that it has obtained a temporary license from the Monetary Authority of Singapore (MAS). In Singapore, companies operating in the financial services industry are required to hold a Capital Markets Services (CMS) license, and AsiaNext has obtained this license.

AsiaNext Secures Temporary License To Offer Digital Currency Services In Singapore

AsiaNext currently offers digital currency trading and custody services to corporate clients in Singapore. The new license brings the company closer to its goal. Due to Singapore being a tightly regulated market, prefers to focus on digital asset derivatives in the initial phase of its plan. This decision is considered a more suitable approach when stepping into a regulated market that requires various permits.

AsiaNext announced that it will leverage the experiences of its parent companies to provide innovative offerings to investors in Singapore. With the success of SIX Digital Exchange in 2021, SIX and SBI Digital Asset Holdings have emerged as significant players in the digital currency field.

In 2022, SBI launched the Osaka Digital Exchange with additional plans to introduce a secondary market for security tokens based on distributed ledger technology. Starting in 2020, SBI and SIX made plans to launch, focusing on Southeast Asia and including digital assets and security tokens.

Singapore has taken the brunt of multiple explosions that have disrupted the digital currency industry. Regulators have witnessed a significant decrease in investors’ wealth following the collapses of Three Arrows Capital (3AC), Zipmex, Celsius, Terraform Labs, and FTX. The regulators have been warning users about the risks associated with digital assets.

About AsiaNext

AsiaNext is a leading financial service firm operating in the digital asset space. With a strong emphasis on innovation and technology, AsiaNext provides a comprehensive range of integrated services including listing, trading, and post-trade solutions for digital assets to its diverse customer base.