ADDX Goes Crypto‑Crazy: Singapore’s First to Recognise Digital Coins in High‑Net‑Worth Portfolios
Fintech meets the blockchain, and the result is a dash of humor and a lot of promise.
ADDX, the private securities platform backed by the Singapore Exchange, announced that it’s officially acknowledging cryptocurrencies as part of the wealth assessment for its high‑net‑worth clients. In plain English, this means that if you roll a bitcoin or an ether in your pocket, it can now officially count towards your net‑worth calculation—once you have enough of the other stuff on your list.
Why trust crypto in a financial report?
CEO Oi‑Yee Choo explains, “Cryptocurrencies are here to stay. They’re no longer the fringe child of investment conversations.” He adds, “Just like real estate or shares, if people own crypto, it belongs on their portfolio page.”
Regulatory backdrop & how ADDX qualifies
In Singapore, to be deemed an accredited investor, you must either earn at least S$300,000 in the last 12 months, own S$1 million in net financial assets, or hold S$2 million in net personal assets. ADDX has tweaked this formula to:\n
- Accept crypto investments only in the net‑personal‑assets arena.
- Apply a 50 % discount when valuing Bitcoin or Ethereum.
- Give a smaller 10 % discount for the stable coin USDC.
In other words, if your crypto is even a little wild, it still gets recognized—though the company applies a safety foil in the form of a discount.
The crypto wave that rode the pandemic
What began as a niche hobby for the thrill‑seeker turned into a mainstream juggernaut during COVID-19. Even as Bitcoin’s price receded a bit, the overall crypto market remains a whopping $1.2 trillion (£1.65 trillion in Singapore dollars). So the digital bullion still matters.
Future plans: wallet conversions and real‑time funding
“Soon we’ll let users fund their investment wallets with crypto and swap between fiat and digital coins on the fly,” Choo says, evoking a sense of instant gratification for investors. Think of it as a virtual piggy bank that can pop into Bitcoin and back to dollars in a heartbeat.
Takeaway
With ADDX stepping into the blockchain arena, Singapore’s financial scene is sharpening its edge. It’s a nifty blend of traditional wealth management and futuristic digital assets—making the market less room‑for‑error and more room for humor.
