Cryptocurrency company Diginex launched its Cryptocurrency Exchange as it looks forward to being a part of the NASDAQ listing by September.
Diginex wins regulatory approval
Diginex, one of the leading cryptocurrency companies, is getting ready to list NASDAQ by September of this year. This comes after fulfilling all the criteria and securing regulatory approval from the U.S. Securities and Exchange Committee (SEC) of the European Union.
The business unveiled its cryptocurrency exchange in advance of the listing on the tech-dominated stock exchange. The trading of cryptocurrency is located in Singapore, where Diginex has already applied for a license.
The CEO of Diginex, Richard Byworth, said Wednesday to Reuters that they have become a cryptocurrency exchange operator. The NASDAQ listing is expected to occur via a $300 million reverse merger following the acquisition of 8i Enterprises Acquisition Corp.
Byworth claimed that SEC already accepted the agreement and that the company’s effective date would be between mid and end of September. Diginex announced that it had opened a digital currency exchange in Singapore, where it applied for a license, despite having most of its businesses in Hong Kong. The new trading platform, known as Equos.io, provides cryptocurrency spot trading and advanced derivatives items.
Regulations on cryptocurrencies
Singapore has increased its regulatory control of the cryptocurrency industry in recent months. The new payment regulations in the country require crypto companies to obtain a license before they can operate. According to Reuters, more than 150 cryptocurrency companies were formerly operating in the country, including Diginex. The requirement was to apply for licenses before 28 July. The tight regulation is geared towards compliance with the requirements set by the Financial Action Task Force (FATF)
Earlier this week, Liquid removed 29 cryptocurrencies from its website to comply with the latest crypto criteria in Singapore. Several other cryptocurrency exchanges had to adjust to their function to comply with the country’s current crypto regulatory requirements.
Diginex opted for Singapore because Hong Kong has an opt-in licensing system for digital currency exchanges but doesn’t allow derivative items trading. The country’s top market regulator believes that cryptocurrency futures contracts may be illegal. According to Byworth, Singapore’s cryptocurrency position is a bit more flexible than Hong Kong. It has helped attract several digital currency exchanges.
The world’s leading cryptocurrency companies have been classified on stock exchanges. Reports have emerged that leading U.S. cryptocurrency exchanges, Coinbase, are planning to go public in the nation. If stock listing occurs, it will be one of the biggest listings involving a cryptocurrency corporation in the United States. Coinbase going public may inspire other cryptocurrency companies to follow suit. This may open crypto space to more institutional investors around the world.
Currently, some cryptocurrency and blockchain companies are already mentioned on the stock exchanges. Canaan Inc., one of the leading cryptocurrency hardware mining firms, is already a part of the NASDAQ listing stock exchange. By trading on the stock market, businesses can gain more exposure and become public to the investment world.