“Despite stringent regulations on companies dealing with cryptocurrencies, Singapore’a Tokenize Xchange is poised to rise above the challenges“– Paul Ebeling
Singapore has prided itself on being a hub for innovation and there are a host of policies to support businesses venturing into emerging tech spaces.
One of the players within this burgeoning market is Singapore-born digital currencies exchange company, Tokenize Xchange. Leading the company is Hong Qi Yu, a coder-turned-entrepreneur whose journey started in Y 2017 after his friends introduced the Ethereum blockchain to him. “Around April or May, I was still looking at the technology and figuring out how to buy Ethereum, then I managed to code for my own token and issue a smart contract,” shares Qi Yu about how he went about learning about cryptocurrency.”
At this moment, Tokenize Xchange operates in Singapore under the “exemption” list meaning the company can still conduct its business like offering cryptocurrency exchanges until its application for a licence is approved, rejected, or withdrawn. Qi Yu shares that the company is still pending the Digital Payment Token Licence from MAS and is hopeful of the results as the company has strictly abided by the regulations and is in touch with the relevant authorities.
Tokenize Xchange has launched its own NFT marketplace called “Elemint” and its 1st collection is the “Poker Penguin”. Interested creators can launch their projects with Elemint and seize the opportunity to connect with Tokenize Xchange’s 250,000 users. However, one must be able to meet the criteria set by the company. “Our NFT platform requires creators to meet these requirements: it must have a utility or be backed by a tangible asset like a physical artwork.” And increasingly, pressure on meeting ESG guidelines is taking place and Tokenize Xchange is considering to include that into its set of criteria.
For the Poker Penguins, collectors will be entitled to perks like coaching, access to an exclusive community and even private events. The mechanics are similar to how other major NFTs like Bored Ape Yacht Club organise its pool of collectors.
A common perception that people have of NFTs draws parallel to how cryptocurrencies are thought to provide: fast cash. Qi Yu’s advice to those interested in NFTs is to look at it as more than just an investment. Rather, it would be better to see NFTs as the spending economy for the cryptocurrency world.
A change in mindset is pertinent for regulators, investors and operators.
To look beyond just the monetary gains one can get from dabbling with cryptocurrencies and NFTs. The authorities have to be assured that its citizens are well-informed of the risks involved and this can be done through robust education in crypto literacy.
For investors, being prudent will always help and they have to look through the glitz associated with this speculative asset. And for operators, it is their responsibility to minimize possible ramifications to their users by making sure protocols are put in place.
Note: In order for this tripartite relationship to blossom, all hands need to be on deck to push for a safer crypto environment.
Have a prosperous week, Keep the Faith!