Digital Assets: Switzerland’s SIX Digital Exchange Gets FINMA Approval
The SIX Digital Exchange (SDX) is an arm of the SIX Swiss Stock Exchange.
Swiss stock exchange SIX has received the green signal from FINMA, the country’s regulatory body to launch an exchange and depository for blockchain-based securities. The SIX Digital Exchange, or SDX, can now go live with a fully regulated, integrated trading, settlement, and custody infrastructure for digital securities following the approval, said to be a landmark in the world of cryptoassets. (Reuters)
Digitalization continues inexorably
“The digitalization of financial markets continues apace, and while the final shape of the market is still evolving, this is an important milestone in providing institutional investors with a safe and robust infrastructure,” SIX’s global head of exchanges Thomas Zeeb said in a statement.
Initially, as reported by Reuters, SDX would deal only in bonds. It is not clear whether listed stocks would get to trade on SDX in digital form.
However, sources told Reuters that other real assets such as paintings or vintage cars – in token form – might one day be transacted on the SDX.
According to CNBC, which quoted SIX, the SDX platform would not trade bitcoin and other cryptocurrencies.
Singapore also turns crypto-friendly
Launched in Singapore in December 2020, the DBS Digital Exchange (DDEx) is part of DBS Bank’s (SGX: D05) integrated digital asset ecosystem that leverages blockchain technology to provide clients with a secure and transparent platform to raise funds from the private market.
In May, DBS issued a S$15 million (US$11.3 million) digital bond in its first Security Token Offering (STO) via DDex which was completed by way of a private placement.
Last month, DBS Vickers, the brokerage arm of DBS Bank, became one of the first few financial institutions to receive in-principle approval from the Monetary Authority of Singapore under the Payment Services Act to provide trading services for digital payment tokens.
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