PETALING JAYA: Labuan-licenced digital securities exchange Fusang has been admitted to British Virgin Islands’ Financial Service Commission (BVI FSC) list of recognised exchanges.
Following the nod, Fusang will seek recognition for other leading global exchanges such as the London Stock Exchange, the New York Stock Exchange and the Tokyo Stock Exchange.
Fusang CEO Henry Chong remarked that the recognition by BVI brings it a step towards its vision of democratising the way global investors access digital securities.
“For the first time, BVI registered companies can now benefit from tokenising the shares in their companies and listing digitally on a fully regulated and supervised exchange,” he said in a statement today.
As a recognised exchange, companies listed on Fusang will benefit from a pre-screening process vis-a-vis anti-money laundering and counter terrorism provisions, which will lead to a reduced time to market due to “safe harbour” clauses which are accorded by the BVI FSC’s recognition.
To ease the listing process, Fusang offers end-to-end digital asset tokenisation and listing services to potential issuer for the main boards or private market.
It has also revealed its own initial public offering (IPO) on its main board following the admission to BVI’s recognised list of exchanges.
On this subject, BVI Finance CEO Elise Donovan believes the recognition will provide for a much-needed bridge for Asian companies looking to tap into benefits of digitalisation, and the pool of liquidity available globally for digital assets via the BVI’s long established capital markets industry.
As the world’s largest offshore jurisdiction, with close to 400,000 companies, the BVI FSC recently announced its intention to introduce legislation surrounding digital asset providers, which aims to provide a facilitative framework for the digitalisation of businesses registered in the BVI.
“Fusang’s aim of democratising investments by tokenising a wide range of asset classes depends on regulators like the BVI FSC, who are willing to embrace digital transformation,” said Chong.
He intends to work closely with BVI related intermediaries and advisers towards offering benefits of digitalisation to all BVI registered companies.