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CEZA awards ADAX an Offshore Virtual Currency Exchange License | Cagayan Economic Zone Authority

CEZA awards ADAX an Offshore Virtual Currency Exchange License

CEZA awards ADAX an Offshore Virtual Currency Exchange License

Sec. Raul L. Lambino (right) Administrator and CEO of the Cagayan Economic Zone Authority (CEZA), handed over to Aaron Carter (left), Chief Technology Officer of Asia Digital Asset Exchange (ADAX), an OVCE virtual currency exchange license on April 4, 2019 at Bonifacio Global City.

CEZA has recently released the DATO rules which allows OVCE license holders to offer and list asset, utility and virtual currency tokens. ADAX with its license, will operate a security token issuance platform and security trading exchange both focusing on the digital asset backed token class, offering opportunities for Asia-based investors to purchase and trade asset backed tokens.

Being one of 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.