Hong Kong-based financial giants, Fusang Group, said in a Feb 28 press release that it had acquired a license in Malaysia for its subsidiary Fusang Exchange to operate a digital asset focused trading platform.
The exchange will offer users access to buy and sell security tokens, cryptocurrencies as well as fiat currencies. Additionally, the Fusang Exchange would provide verified clients with a platform to trade traditional securities just like other exchanges.
Speaking in the release, Henry Chung expressed delight at the firm’s new license and lauded the efforts of Malaysia’s Financial Service Agency (FSA) to promote innovation and business growth.
“This licence reiterates Labuan FSA’s dedication to making Labuan a pro-business environment. We look forward to working with them to bring a whole new range of companies and industries into the digital asset space.”
Moving further, he stressed that the option to offer buying and selling of security tokens on the Fusang Exchange would open more opportunities for both crypto and traditional companies to raise funds more efficiently.
He also asserted that the exchange would target companies that were nominally excluded from the traditional exchanges because of their low status. The provision of security tokens would allow such firms to co-exist alongside the big guns.
The Fusang Exchange is set to launch before the end of the first half of 2019 as the company continues to chase regulatory compliance across the several continents were they are seeking to start.
As Stmarket.co reported recently, Fusang Group is not the only mainstream financial group seeking to join the crypto industry. The Stock Exchange of Thailand earlier announced plans to set up its cryptocurrency exchange before the end of the year.
Japanese based Mizuho Bank also took it one step further by launching its cryptocurrency last month.
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