By Hassan Mehmood (Saudi Arabia)
According to an announcement by the company, Archax has become the first FCA-regulated digital securities exchange and custodian for the citizens of the United Kingdom.
Besides its great achievement as a digital securities exchange, it has also become the digital firm to get crypto-asset registration from the financial watchdog and has become the Virtual Asset Service Provider (VASP). After Money Laundering Regulations (5MLD), the FCA registration was issued for the company but now every crypto-asset business will have to comply with 5MLD.
The tokenization of assets on blockchain is the future and it will attract major institutions across the world. Former Chief Strategy Officer of the London Stock Exchange Group and Advisor and Non-Executive Director at Archax, David Lester, said:
“In the current global economic climate, providing new, efficient ways for small and medium sized businesses to access capital is key. Blockchain and tokenisation are innovations that can empower more frictionless and transparent markets which, combined with an FCA regulated exchange like Archax, can deliver what capital providers, business leaders and founders now really need. The launch of the Archax exchange will help bring the institutional and digital asset communities closer together, and open up a new era for the global financial markets space.”
Also read:“One-Top-shop”
Archax is now a “one-stop-shop” due to its availability as a broker and custodian of cash. Archax CEO Graham Rodford commented:
“We have been talking to the FCA for a while and the application process has been a tough journey, but we are pleased to have now achieved our first significant milestone as we prepare to launch the UK’s first FCA regulated digital securities exchange later this year. Our technology partners are second to none, we have a pipeline of 35 digital issuances in place, and we are signing up global brokers and market makers ready for go-live. This is an exciting moment for Archax and a great step in the evolution and legitimacy of digital securities globally.”
The digital securities are as a result of the tokenization of real-world assets on blockchain technology, including funds, debts, and equity.
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