Hg Exchange is permitted to operate in a regulatory sandbox for the period from 22 June 2020 to 21 December 2020 (“Sandbox Period”), to conduct the activity of establishing or operating an organised market regulated under the Securities and Futures Act (Cap. 289). In addition, Hg Exchange holds a Capital Markets Services (“CMS”) licence for providing custodial services regulated by the Monetary Authority of Singapore ("MAS") for the duration of the Sandbox Period.
All members of Hg Exchange have to be licensed broker-dealer firms. The current members of Hg Exchange are all holders of a MAS CMS Licence.
As such, both Hg Exchange and its members are regulated by MAS and required to comply with applicable regulations, guidelines, notices by the MAS, including customary verification checks on buyer/sellers and compliance with anti-money laundering/combating the financing of terrorism regulations.