Greenpro Capital Corp, which is part of a public-private partnership investment agreement to establish a Shariah compliant digital finance and economic zone in Brunei, has applied to Labuan Financial Services Authority to set up an Islamic digital exchange in the Malaysian offshore center.
Greenpro intends to use the Labuan license to facilitate the services of security token offerings (STOs), a non-fungible token marketplace, a carbon credit exchange and a cryptocurrency exchange.
“Parallel to the rapid growth of the cryptocurrency industry is the rapid growth of cryptocurrency regulation, STO is considered to be a very efficient method of alternative financing. Due to the world’s trend moving toward ESG [environmental, social and governance] and decarbonization, and the successful track record in our CryptoSX Digital Exchange, we are expecting a large number of international issuers to list on our Shariah Compliant ESG Digital Asset Exchange,” said Dr Lee Chong Kuang, CEO of Greenpro. CryptoSX is regulated in the Philippines’s Cagayan Economic Zone Authority and holds a principle full license since 2018.
This announcement follows an engagement agreement with International Shari’ah Research Academy, the latter of which will facilitate Greenpro’s clients in Asia Pacific to align with international Shariah compliance standards.