Fusang Exchange is proud to announce its official public launch. On 6 February 2020, Fusang Exchange received formal approval from the Labuan Financial Services Authority to commence business for its Securities Exchange licence in Labuan, Malaysia under Part IX, Section 134 of the Labuan Financial Services and Securities Act 2010 (LFSSA).
This approval officially signifies Fusang Exchange as Asia's 1st fully licensed digital stock exchange. The core digital security assets to be publicly traded are the primary listings of public companies via IPOs (Initial Public Offerings) and tokenised securities, also known as STOs (Security Token Offerings). The trading of cryptocurrencies and fiat currencies are also supported.
Since August 2019, Fusang Exchange has been operating with a private invite-only group of users to test the operations and trading of a select group of cryptocurrencies: Bitcoin and Ethereum. On 8 March 2020, Fusang Exchange launched its first digital stock issuance for Fusang Exchange Holdings Ltd (FSX), the holding company for the Fusang Exchange Ltd. 100% of the shares are recorded digitally on the blockchain with each share representing direct equity ownership in Fusang Exchange.
Fusang continues to build its network of licensed and regulated exchange members and preferred partners to support a broad range of issuer categories: Pre-IPO Companies, Private Growth Companies, Start-Ups, Funds, Real Estate, Illiquid and Exotic Assets.
"It's been 33 months since Fusang first began its journey to build the future of financial infrastructure, and revolutionise how assets of all kinds are recorded and traded. We're truly excited about the potential of allowing digital assets of all forms, including company shares, to be traded by investors from all over the world,' said Henry Chong, Chief Executive Officer of Fusang.
The Fusang Exchange combined with Fusang Vault's institutional custody infrastructure represents the first time that global investors can access the digital asset markets in a secure, compliant, and convenient manner.