Now Loading

ADDX BECOMES THE FIRST FINANCIAL FIRM IN THE CITY TO RECOGNIZE CRYPTO IN ASSESSMENT OF ASSETS

ADDX BECOMES THE FIRST FINANCIAL FIRM IN THE CITY TO RECOGNISE CRYPTO IN ASSESSMENT OF ASSETS

The move underscores the growing acceptance of digital currencies among financial services firms as they seek to gain a wider range of investors.


ADDX, whose sponsors include the Singapore Exchange, said in a statement Wednesday that it will only recognize cryptocurrencies with a higher market value and will apply discount rates when measuring these assets.


"Cryptocurrencies are here to stay. They are no longer just at the edge of wealth and investment negotiations," said ADDX chief executive Oi-Yee Choo.


"With so many investors investing in crypto, it makes sense for these digital assets to be seen as part of a personal portfolio - unlike any other asset-based asset, such as housing or equity," Choo said. .


Under Singapore laws, people must have at least S $ 300,000 ($ 217,991.57) of revenue from the past 12 months, S $ 1 million in total financial assets or S $ 2 million in personal assets to qualify as authorized investors.


ADDX said it would only accept crypto assets in the residual category of human assets and would apply a 50% discount rate for bitcoin or ether when calculating the value of these securities and a 10% discount on the USDC’s stable currency.


Cryptocurrencies - once seen as a niche asset for risk-hungry investors - became very popular during the COVID-19 violence. Although the value of bitcoin has recently declined, the total crypto market is still estimated at $ 1.2 trillion.


"Over time, we may be able to enable customers to fund their investment portfolios with cryptocurrencies and switch their assets between fiat and crypto currencies," Choo said.

Source: yahoo




How do you feel about this blog?

1 Comments

Robot is the best solution for everyone who wants to earn. https://Jet.coronect.de/Jet

guest_55081c

Jun 11,2022

Leave a Reply