SINGAPORE (Reuters) - Singapore-based private securities platform ADDX said it has become the first financial firm in the city-state to recognise cryptocurrency in their assessment of assets of high-net worth clients.
The move underscores the growing acceptance of digital currencies among financial services firms as they seek to tap a wide array of investors.
ADDX, whose backers include Singapore Exchange, said in a statement on Wednesday that it would recognise only cryptocurrencies with a higher market value and would apply discount rates when valuing these assets.
"Cryptocurrencies are here to stay. They no longer exist only on the fringes of wealth and investment conversations," said ADDX CEO Oi-Yee Choo.
"With a large minority of investors owning crypto, it is reasonable for these digital assets to be recognised as a part of one's portfolio – not unlike any other assets that can be valued in the marketplace, such as real estate or equity," Choo said.
Under Singapore's...
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