Fusang Exchange is set to be the first fully-licenced securities exchange focused on digital assets in Asian market. The exchange is expected to launch in the latter half of 2019.
It is currently working to fulfill the operational and prudential conditions of its licence, while working with investors to scale business operations teams in the region. Fusang Exchange Ltd. is a subsidiary of the Fusang Group has announced that they have received an approval for a Securities Exchange licence in Labuan, Malaysia under Part IX, Section 134 of the Labuan Financial Services and Securities Act 2010 (LFSSA).
Fusang Exchange will be offering its listing services not only to the crypto companies, but is also seeking to demystify the digital asset space for traditional companies with real assets. The exchange will offer primary listings of public companies, and will support the trading of tokenized securities, cryptocurrencies, and fiat currencies. Further, the exchange will run a network of licensed and regulated exchange members who will be allowed to trade directly on the platform.
Henry Chong, CEO of Fusang said “We’re honoured to be working with the Labuan Financial Services Authority and taking the market into the digital asset era. We’ve always seen Labuan as a fantastic option for businesses to work in, and this licence reiterates Labuan FSA’s dedication to making Labuan a pro-business environment. We look forward to working with them to bring a whole new range of companies and industries into the digital asset space.”
Chong further stated that the market provides an opportunity for companies that were once overlooked by traditional exchanges as a result of higher operational costs to gain big in the market.