The Philippines’ Cagayan Economic Zone Authority (CEZA) have awarded the Asia Digital Asset Exchange (ADAX) with an Offshore Virtual Currency Exchange (OVCE) license. This license will reportedly enable ADAX to help its users create and list asset-backed tokens on the soon to be launched ADAX platform.
CEZA’s Administrator and CEO, Secretary Raul Lambino said:
“As CEZA moves towards playing a major role in the evolution of the financial world regarding crypto trading and issuance of securitized digital assets, we are pleased to announce and welcome the ADAX Tech Limited team as an OVCE license holder within the Cagayan Economic Zone Authority.”
This new licensing will offer ADAX a regulatory framework and oversight to operate a security token issuance platform and security trading exchange. The platform will focus on the digital asset-backed token class, offering opportunities for Asia-based investors to purchase and trade asset-backed tokens.
ADAX President, Wojtek Kaszycki stated:
“We are extremely excited to receive this important license from CEZA. ADAX firmly believes asset-backed tokens are one of the most exciting developments for global financial growth in recent history. The digital tokenization of corporate assets eliminates major barriers faced by projects and investors in the current global marketplace infrastructure. Through ADAX and blockchain technology, we will be able to bring the necessary liquidity and fair pricing for these assets through a cross-border.”
Additionally, CEZA recently released their Digital Assets and Token Offering (DATO) rules that allow holders of the OVCE license like ADAX to offer asset-backed, utility and virtual currency tokens.
ADAX will also open an asset-backed token offering platform for clients. This platform will conduct a fully regulated asset token offering. While speaking to reporters, ADAX representative stated that the company is holding talks with some projects that are seeking to tokenize real-world asset. The firm will start issuing security tokens in Q2 of 2019 while trading securities will be offered in the Q3
So far, a few digital assets backed token issuance and exchange platforms across the globe have a government-backed license. These include the Gibraltar Exchange in Europe and tZERO Exchange in North.
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