Thursday, May 23, 2024
Editor's PickPhilippine DAX to become Shariah compliant following merger with Islamic ESG exchange

Philippine DAX to become Shariah compliant following merger with Islamic ESG exchange

Green-X, an Islamic ESG digital asset exchange (DAX), has merged with CryptoSX in a bid to develop the world’s largest security token offering (STO) platform.

Owned by NASDAQ-listed Greenpro Capital Corp, Green-X is the first Shariah compliant DAX to be licensed by the Labuan Financial Services Authority, the financial regulator of Malaysian offshore center Labuan. CryptoSX on the other hand, is a DAX operating under the Cagayan Economic Zone Authority in the Philippines.

Greenpro has been a strategic investor of CryptoSX since 2020. Licensed in 2018, CryptoSX has so far listed 10 STOs since 2019.

“Labuan and Malaysia will play a key role in the future of cryptocurrency adoption in Halal communities. We will actively work with the regulators, finance and industry partners to develop our combined exchange in a compliant way,” said Greenpro CEO and Founder Dr Lee Chong Kuang.

Greenpro is an interesting company: a Nevada corporation headquartered in Kuala Lumpur, it is a business incubator with a firm interest in the Halal space. In 2021, it entered a public-private partnership (PPP) with IHTHS Corporation to build a Shariah compliant digital finance and economic zone in the Sultanate of Brunei.

The idea was to establish a Halal digital ecosystem facilitating the opening of new digital banking accounts and registration of companies under new rules and the setting-up of new digital assets listing and trading rules, and digital asset exchanges to enable companies to raise capital and conduct secondary trading using blockchain technology.

In December 2021, it signed an engagement agreement with International Shari’ah Research Academy to develop a DAX and NFT marketplace in the ASEAN region. Two months later, Greenpro confirmed it had applied for a Labuan license, which it intends to use for STOs, facilitate a non-fungible token marketplace, a carbon credit exchange and a cryptocurrency exchange.

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