Bloomberg News reports that private market exchange ADDX will recognize some of the cryptocurrency holdings from the investors that seek to gain access to its platform amidst what is assessed as record levels of crypto ownership across the globe.
ADDX will acknowledge the Bitcoin and Ether at a discount of 50% and USDC at a 10% discount rate as well. It counts the likes of United Overseas Bank Ltd. and Singapore Exchange Ltd. as shareholders.
The chief executive officer of ADDX, Oi-Yee Choo, cryptocurrencies will stay, and they are no longer just included in the investment and wealth conversations. The CEO also said that it makes sense and is reasonable to include the digital assets as part of investors’ portfolios, not unlike any other assets valued in the market, like equity and real estate.
Adoption of cryptocurrency has taken place worldwide, although the cost of Ether and Bitcoin and other Altcoins are struggling in the last few months as the Federal Reserve hikes rates and the riskier assets drop. ADDX’s movement within Singapore comes, and top officials have repeatedly warned retail investors that they must avoid digital trading assets.
Bloomberg News reports that under the state regulatory regime of the city, the individuals must fulfill one of the three criteria for qualifying as accredited investors. For instance, they must be in the income group of more than S$3000, 000, equivalent to $218,181 over the last year, the net financial assets must be over S$1 million, or the net personal assets topping must be S$2 million. The crypto assets are recognizable under the third category of net personal assets.
Choo also said that they are likely to allow customers to fund their investment wallets with digital currencies and convert their assets between crypto and fiat currency in the future.
