Hong Kong-based Fusang Group announced it has received approval for a securities exchange license from the Labuan International Business and Finance Centre (IBFC), based in Malaysia, becoming the first fully licensed Asian securities exchange with a focus on digital assets.
The group is a provider of asset management services to affluent families and individuals in Asia.
As a licensed Securities Exchange, Fusang Exchange will be able to offer primary listings of public companies and will support the trading of tokenized securities, cryptocurrencies, and fiat currencies. Running similarly to traditional securities exchanges around the world, Fusang Exchange will run a network of licensed and regulated exchange members who will be allowed to trade directly on the platform.
We're honoured to be working with the Labuan Financial Services Authority and taking the market into the digital asset era"
It received its licence in Labuan under Part IX, Section 134 of the Labuan Financial Services and Securities Act 2010.
Fusang Exchange will run a network of licensed and regulated exchange members who will be allowed to trade directly on the platform.
Fusang Exchange is expected to launch in the latter half of 2019. It is currently working to fulfil the operational and prudential conditions of its licence while working with investors to scale business operations teams in the region.
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 look forward to working with them to bring a whole new range of companies and industries into the digital asset space."
He added: "With higher costs, it's natural that the focus of traditional exchanges has always been on larger companies. But companies that want liquidity in their stock, along with owners of real assets such as real estate, can consider the benefits of listing on our exchange. While we're working on the infrastructure of the exchange, we're also focusing on how we can develop innovative business models and capital raisings for issuers."