It has been announced that trading platform CEZEX, a member of the Asia Blockchain and Crypto Association, will be the first licensed exchange for digital securities in Asia. The exchange will operate out of the Cagayan Economic Zone Authority in the Philippines.
Although there are so few licensed exchanges for tokenized securities in the world today, it seems that Asia will be establishing its first one very soon. CEZEX, one of the first members of the newly-established Asia Blockchain and Crypto Association (ABACA), has just announced they will be the first licensed digital securities exchange in Asia. The exchange will launch out of the Philippines’ Cagayan Economic Zone Authority and officially begin trading on January 28, 2019 as per the announcement made by ABACA today.
CEZEX will allow users to “trade fiat and security tokens backed by assets such as stocks, bonds, commodities,real estate, and derivatives like CFD.”
CEZEX, however, is just the start of what is quickly becoming the “Crypto Valley of Asia” in the Cagayan Special Economic Zone and Freeport in the Philippines. For example, the Philippines’ Cagayan Economic Zone Authority expects to secure investments valued at some US $100m over the course of the “next 10 years” for another tokenized security project owned by Northern Star Gaming & Resorts Inc., according to Business Insider Malaysia.
Mr. Enrique Gonzalez, Vice-Chairman of ABACA, commented on the announcement with optimism. However, the most impressive aspect of CEZEX are its partners and backers. As Gonzalez commented:
“CEZEX is backed by Pinnacle Digital a digital assets exchange operator, and consultancy firm, IPE Global Pte Ltd. a Singapore based financial technology investment firm; the Phnom Penh Derivatives Exchange and SB Kaikaku Fund a venture capital fund affiliated with Softbank.”
He continued that, with this strong backing, CEZEX has already positioned itself as “one of the more renowned exchange players in the region.”
Although CEZEX will be the first tokenized security exchange in Asia, other players in the region have expressed similar interest especially in Singapore. For example, CapBridge Pte LTD. said in late-November that they were planning to open a security token exchange in the crypto-friendly country. Other firms, like Haliconia Capital Management and Singapore Exchange (SGX) have also invested significant capital into an STO platform.
So, it’s safe to say that 2019 will see a few licensed security token exchanges in Asia begin trading.
What do you think of ABACA’s announcement? Will CEZEX form an important component of the digital security ecosystem in Asia? Let us know your thoughts in the comments.
Image courtesy of CEZEX.