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AsiaNext Gets Provisional License To Provide Digital Currency Services in Singapore

July 3 (Cointime) - AsiaNext, a joint venture between Switzerland’s stock exchange SIX and SBI Digital Asset Holdings, has secured a provisional license to provide digital currency services in Singapore. The company plans to offer digital currency trading and custody services for institutional clients in Singapore, with the new license bringing the firm closer to its goal. Given the plethora of permits to be attained in Singapore’s highly regulated market, AsiaNext is opting to focus on digital asset derivatives as the first step of its plan.

Singapore’s regulators are pushing for a ban on leverage for digital asset trading to mitigate investor losses while mulling similar moves for referral bonuses and airdrops. Singapore bore most of the brunt following the multiple implosions that plagued the digital currency industry. Investors saw their fortunes decimated following the collapse of Three Arrows Capital (3AC), Zipmex, Celsius, Terraform Labs, and FTX as regulators warned users of the risks associated with digital assets.

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