ADDX, a Singapore-based private securities platform, has announced that it is the first financial institution in the city-state to include cryptocurrencies in assessing high-net-worth clients’ assets. The move reflects financial services organizations’ increased acceptance of digital currencies as they aim to reach a wider audience of investors. ADDX, which has Singapore Exchange as a sponsor, said on Wednesday that it would only accept cryptocurrencies with a higher market value and value them using discount rates. Singapore-based ADDX's high-net worth client asset assessment to include cryptocurrencyhttps://t.co/CboMERhtRG#CryptoWithNDTV pic.twitter.com/MywlGjvZtg — Gadgets 360 (@Gadgets360) June 8, 2022 If an investor’s income in the previous 12 months exceeded SGD 300,000 (US$218,000) or if their net worth of financial assets exceeded SGD 1 million (US$727,000), one of three conditions qualifies them for such a status in Singapore. A third possibility is that a person’s assets exceed SGD 2 million (US$1.45 million). Cryptocurrency is not currently recognized as income or financial assets in the city-island-state but is recognized as net personal assets. ADDX stated that it would implement adequate risk management procedures by the legislation, taking price volatility into account. Monetary Authority of Singapore-Regulated ADDX The ADDX, which the Monetary Authority of Singapore controls, has also stated that it will only r...
