British Virgin Islands: BVI FSC recognizes Fusang Exchange as its first digital stock and asset exchange
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The British Virgin Islands Financial Services Commission (FSC) recently recognized Asia-based Fusang Exchange Ltd as its first digital stock and asset exchange. The exchange was recognized through an amendment to the notice of the British Virgin Islands Regulatory Code (Recognized Exchanges), 2015, and came into force on 5 January 2022.
This recognition paves the way for BVI-registered Asian companies to benefit from the efficiency of digitally listing their shares via share tokens.
Fusang joins other leading global exchanges such as the London Stock Exchange, New York Stock Exchange, Tokyo Stock Exchange and Toronto Stock Exchange, which were previously recognized by the FSC.
According to a statement issued by BVI Finance, Fusang CEO Henry Chong said, “Adding Fusang as a recognized exchange to BVI is a step towards our vision to democratize the way global investors access securities. digital. For the first time, BVI registered companies can now benefit from the tokenization of their companies’ shares and digital listing on a fully regulated and supervised exchange.”
This is great news for BVIs as they embrace the realities of digitalization, and with the proposed introduction of legislation for virtual asset service providers, the jurisdiction is well on its way to becoming a leader in digital space.
As a BVI-recognized exchange, companies listed on Fusang will benefit from a pre-screening process against anti-money laundering and anti-terrorism provisions, which will lead to a time to market. contract reduced due to the “safe harbor” clauses which are granted by the recognition of the FSC.
It is understood that to facilitate the listing process, Fusang Exchange offers potential issuers end-to-end digital asset tokenization and listing services, whether for its main board or private markets, from the point of incorporation of the company to the management of the register of shareholders. .
According to Elise Donovan, CEO of BVI Finance, “We believe this recognition will be a much-needed bridge for Asian companies looking to leverage the benefits of digitalization and the pool of liquidity available globally for digital assets through the marketplaces. BVI’s long-established capital industry.”
Donovan added that thousands of BVI-registered companies with Asian heritage will benefit from this opportunity as it provides a digital alternative for their capital expansion plans.
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