Fri. Aug 19th, 2022

Cryptocurrency startup Diginex has launched its crypto exchange as it looks forward to getting listed on NASDAQ by September.

Diginex Gains Regulatory Approval

Diginex, one of the leading cryptocurrency startups, is getting ready to list on NASDAQ by September this year. This comes after meeting all the requirements and gaining regulatory approval from the U.S. Securities and Exchange Commission (SEC).

The company has launched its cryptocurrency exchange ahead of the listing on the tech-dominated stock exchange. The cryptocurrency exchange is based in Singapore, where Diginex has already applied for a license.

The CEO of Diginex, Richard Byworth, told Reuters on Wednesday that they have now become a cryptocurrency exchange operator. The listing on NASDAQ is expected to go through via a $300 million reverse merger following the acquisition of 8i Enterprises Acquisition Corp., a Nasdaq-listed company.

Byworth told the publication that the deal has already been approved by the SEC, and the effective listing date for the company would be between mid to late September. Diginex revealed on Thursday that it had launched a digital currency exchange in Singapore, the region where it has applied for a license, despite having most of its businesses in Hong Kong. The new trading platform, known as, is offering cryptocurrency spot trading and complex derivatives products.

Cryptocurrency Regulations

In recent months, Singapore has tightened its regulatory oversight of the cryptocurrency sector. The new payment regulations in the country require crypto companies to obtain a license before they are allowed to operate. According to Reuters, over 150 cryptocurrency companies were formerly operating in the country, including Diginex, and all of them were required to apply for licenses before July 28. The stringent regulation is geared towards compliance with the standards put in place by the Financial Action Task Force (FATF).

Earlier this week, the Japanese crypto exchange Liquid removed 29 cryptocurrencies from its platform so it will be able to comply with the new crypto requirements in Singapore. Several other cryptocurrency exchanges had to make changes to how they operate so they can be in line with the new crypto regulatory requirements in the country.

Diginex opted for Singapore because Hong Kong has an opt-in licensing regime for digital currency exchanges, but it does not allow them to trade derivative products. The top market regulator in the country is of the view that cryptocurrency futures contracts may be illegal. According to Byworth, Singapore’s cryptocurrency stance is a bit more flexible than Hong Kong, and that has helped attract several digital currency exchanges.

The leading cryptocurrency companies have been listing on stock exchanges across the world. Reports surfaced that leading U.S cryptocurrency exchanges, Coinbase, is preparing to go public in the country. If the stock listing happens, then it would be one of the largest listings involving a cryptocurrency company in the United States. Coinbase going public might spur other cryptocurrency companies to follow suit, and this might expose the crypto space to more institutional investors globally.

At the moment, some cryptocurrency and blockchain companies are already listed on stock exchanges. Canaan Inc., one of the leading cryptocurrency hardware mining manufacturers, is already listed on the NASDAQ stock exchange. By listing on a stock exchange, the companies will gain more credibility and become public to the investment world.

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.