KUALA LUMPUR, MALAYSIA / ACCESSWIRE / May 4, 2022 / Greenpro Capital Corp. (NASDAQ:GRNQ) announced that Malaysia’s Labuan Financial Services Authority has granted a license to Greenpro Capital Corp. to establish and operate the world’s first Shariah Compliant ESG Digital Assets Exchange.
In 2021, the crypto market’s value skyrocketed from $965 billion to as much as $2.6 trillion, according to a Morningstar analysis of data from CoinGecko. The market capitalization now sits around $2.1 trillion.
Meanwhile, developments within the cryptocurrency market, like Digital Assets, non-fungible tokens (NFTs) and decentralized finance (DeFi), which offers financial instruments like cyrpto lending via blockchain technology instead of traditional intermediaries like banks, have captured people’s interest and attention.
Malaysia’s Labuan was first declared as an International Offshore Financial Centre and Free Trade Zone back in 1990. The set-up Labuan FSA in 1996 by the Government as a single regulator has seen the number of active companies reaching 5,200 from over 125 countries, including well-known banks such as HSBC, DBS, Sumitomo, BNP Paribas, Goldman Sachs etc.
Greenpro Capital Corp.’s CEO, Dr. LeeChong Kuang said, “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 towards ESG 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.”
About Labuan FSA
Labuan Financial Services Authority (“Labuan FSA”) was established on 15 February 1996 under the Labuan Financial Services Authority Act 1996. Labuan FSA is the statutory body responsible for the development and administration of the Labuan International Business and Financial Centre (“Labuan IBFC”).
The key objectives of Labuan FSA are to:
- Promote and develop Labuan as an international centre for business and financial services;
- Develop national objectives, policies and priorities for the orderly development and administration of international business and financial services in Labuan; and
- Act as the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan.
Labuan FSA licenses and regulates licensed entities operating within Labuan IBFC and to ensure all such entities remain in compliance with the Labuan laws and regulations and adhere to the international standards, which are adopted by the jurisdiction. Labuan FSA develops regulatory policies to ensure orderly conduct of business and financial services in Labuan IBFC.
For further information regarding the body, please visit https://www.labuanfsa.gov.my/default.aspx
CryptoSX is one of the fastest growing digital assets exchanges in the world. An innovative, end-to-end exchange that redefines the perception of STOs while pushing boundaries in a fully regulated ecosystem. With a wide spectrum of industries and a community of passionate investors, CryptoSX allows users to be a part of a new age movement, through easy and secure investments, anytime and anywhere. CryptoSX is compliant with all applicable financial and virtual exchange policies and regulations of the Philippine Government under CEZA (Cagayan Economic Zone Authority) and holds a Principal Full License since 2018. To learn more about the company, please visit http://www.cryptosx.io.
About Greenpro Capital Corp.
Headquartered in Kuala Lumpur and a Nevada corporation, Greenpro Capital Corp. (Nasdaq: GRNQ), is a business incubator with strategic offices across Asia. With a diversified business portfolio comprising of finance, technology, banking, CryptoSX for STOs, health, wellness and fine art as well as 30 years of experience in various industries, Greenpro has been assisting and supporting businesses and High-Net-Worth-Individuals to capitalize and securitize their value on a global scale. This is done through the provision of cross-border business solutions, spinoffs on major stock exchanges and accounting outsourcing services to small and medium-size businesses located in Asia. The comprehensive range of cross-border business services include, but are not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax advisory services. Greenpro also operates venture capital businesses, including business development for start-ups and high growth companies.
For further information regarding the company, please visit http://www.greenprocapital.com.
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