Following on the heels of the launch of security token trading platform Cezex earlier this year, the Philippines’ Cagayan Economic Zone Authority (CEZA) has awarded the Asia Digital Asset Exchange (ADAX) with an Offshore Virtual Currency Exchange (OVCE).
The OVCE will allow ADAX to offer and list assets, utility and virtual currency tokens. ADAX plans to operate both a security token issuance platform and a security trading exchange (secondary market) focusing on the digital asset-backed token class, offering opportunities for Asia-based investors to purchase and trade asset-backed tokens.
Being one of the first regulated security token issuance and exchange platforms in the world that has a government-backed license in hand, ADAX will join major players in addressing a big part of the growing interest in the digital security token marketplace.
ADAX will also open an asset-backed token offering platform for business clients that shall service projects looking to conduct a fully regulated asset token offering. According to ADAX representatives, talks with several projects seeking to tokenize real-world assets such as real estate, corporations, and other institutional assets are underway. ADAX is expected to begin issuing security tokens Q2 of 2019 while ADAX is expected to begin trading securities in Q3 2019.