"The more developed the country is on the other side of us, Malaysia is still not as aggressive as that."
ADDX, a private securities platform backed by the Singapore Exchange (SGXL.SI), became the first financial institution in Singapore to recognize cryptocurrencies as certified investment assets.
The recognition was achieved after witnessing the widespread adoption of digital currencies which prompted financial institutions to leverage on all types of investments including cryptocurrencies.
For information, regulations in Singapore stipulate that only individuals with Singapore dollars $ 300,000 per annum or Singapore dollars $ 1 million in net financial assets or Singapore dollars $ 2 million as net personal assets are eligible for certified investment recognition.
Comment Chief Executive Officer (CEO), Oi-Yee Choo, ADDX not only recognizes crypto with a higher market value but will also offer a discount when valuing the asset.
It is understood ADDX will accept cryptocurrencies in the net personal assets category and be given a 50% discount rate for Bitcoin (BTC) and Ethereum (ETH) when calculating the value of temporary holdings of a 10% discount for USDC stablecoin.
He added that most investors own crypto, so it is desirable for digital assets to be recognized as a portfolio of investments that can be valued in the market.
In the meantime, ADDX also plans to allow customers to fund their investment wallets with crypto, in addition to allowing users to exchange their assets between fiat and crypto currencies.
