Fatfish’s crypto exchange to be up and running in Q3, not May
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Crypto investor Fatfish Internet Group says its flagship project, a Singapore crypto exchange, is running and will be ready for takeoff before October.
The investor (ASX:FFG) owns 27 per cent of Kryptos-X.
The exchange was announced in November last year and was a done deal at the end of February.
Originally the exchange was expected to take three months to start operations after receiving the $1 million from Fatfish.
True to their word, Kryptos-X has launched pre-trading operations to that timetable, but will be running a little late on full launch.
Fatfish shares dipped 3 per cent to 3.2c.
Kryptos-X was founded by Chi-X Europe manager Tony Mackay.
“While we are conscious of the need to get to market as soon as possible, it is preferable in the long term to work with regulators and accommodate new regulatory settings,” Mr Mackay said.
“We will ensure the Kryptos-X marketplace launches with a state-of-the-art platform that is robust, secure, compliant, liquid, efficient and can accommodate the rapidly evolving trading environment for digital assets.”
In May, the Monetary Authority of Singapore said it was considering creating two new classes of regulated securities exchanges aimed at smaller operations than the Singapore Securities Exchange (SGX).
The Singapore government has also tabled draft regulations to ensure best practice from Singapore-based crypto exchanges, covering Anti Money Laundering and Know Your Customer protocols and practices.