Hong Kong-based financial services and blockchain firm Diginex has launched a cryptocurrency exchange in Singapore, according to reports in the media.
Currently, Diginex is operating in Singapore under a temporary exemption from licensing.
Reportedly, Diginex would introduce an “easy to use” interface for retail investors as well as managed account features designed to improve collateralisation processes.
The cryptocurrency exchange launched by Diginex is called EQUOS.io, and will be based in Singapore, rather than Hong Kong. The new exchange will provide cryptocurrency spot trading as well as more complex products.
According to Diginex chief executive officer Richard Byworth Singapore’s regulatory environment made it a more suitable location for the exchange than Hong Kong.
He told the media, “Singapore was a bit more flexible in the way that they were thinking about things. On the more interesting edge of (cryptocurrency)derivatives, we have seen a more limited product set come to market because we are constrained by the infrastructure.”
Singapore is considering allowing payment through cyrptos such as Bitcoin and Ether by allowing them to be traded on local exchanges and for such activities to be regulated. This is in light with the growing interest among foreign investors in cryptocurrencies.
Over 150 cryptocurrency companies that were previously operating in Singapore, including Diginex, have had to apply for licences by 28 July.
Diginex is also planning to list on the Nasdaq exchange in September, according to Richard Byworth. The listing is expected to be made through a $300 million reverse merger with the acquisition of 8i Enterprises Acquisition, a Nasdaq-listed company.