Asia Digital Asset Exchange (ADAX) has been granted an Offshore Virtual Currency Exchange (OVCE) license by the Cagayan Economic Zone Authority (CEZA).
This after CEZA Administrator and CEO Sec. Raul L. Lambino handed the official certification to ADAX Chief Technology Officer Aaron Carter in a meeting on April 4, 2019 in Bonifacio Global City.
According to a media release posted on CEZA’s website, this license will allow ADAX to “join major players in addressing a big part of the growing interest in the digital security token marketplace.”
ADAX, for its part, expressed its plans to “tokenize real-world assets such as real estate, corporation, and other insitutional assets.” It is expected to issue security tokens by the second quarter of this year and trade securities by the third. This will give Asia-based investors the opportunity “to purchase and trade asset backed tokens.”
In order to be granted an OVCE license, ADAX had to satisfactorily meet the rules as mandated by CEZA’s Digital Asset and Token Offerings (DATO) regulations.
The license, however, does not permit ADAX to provide services for Philippine residents and entities since CEZA’s virtual currency license is limited to offshore services.
Only the Bangko Sentral ng Pilipinas (BSP) can issue a license that will allow cryptocurrency exchange companies to provide the same services to Filipinos.