The exchange, which will relocate to Labuan, Malaysia, is seeking to obtain a licence from the Labuan Financial Services Authority to operate under a regulated framework and continue serving its international clients.
Singapore-based digital exchange platform, Tokenize Xchange, will cease its operations in the city-state after the Monetary Authority of Singapore (MAS) decided not to grant the company a major payment institution (MPI) licence to provide digital payment token services. Tokenize was previously operating under an exemption.
With this, Tokenize Xchange’s services will no longer be available to Singapore-based users, who can no longer buy or sell cryptocurrencies.
