Last week, the Monetary Authority of Singapore (MAS) granted AsiaNext a provisional license for Capital Markets Services. The digital asset startup is a joint venture between Swiss stock exchange SIX and Japan’s SBI Digital Asset Holdings.

AsiaNext has big plans as an institutional grade trading venue for cryptocurrencies and digital securities. Each spot market requires more licenses which are still a work in progress, so the target is cryptocurrency derivatives in the meantime.

Both backers, SBI and SIX Digital Exchange (SDX), are active in the cryptocurrency sector. And even more so with tokenized securities. SDX was the first regulated digital stock exchange to go live. A year ago, SBI launched the Osaka Digital Exchange (ODX), a proprietary trading system (PTS) for shares. It plans to provide a secondary market for security tokens this year.

Together, the organizations link Switzerland, Singapore and Japan with the potential to provide international liquidity for digital securities.

Since they all comply with the regulations, one of the keys is the central securities depository (CSD). Last year, SDX pegged its digital CSD to the conventional SIX CSD, allowing non-blockchain-savvy investors to buy part of the 375 million Swiss francs ($419 million) UBS digital bond, the largest digital security ever. issued to date.

That interconnection between CSDs will also occur geographically, allowing for global liquidity in a regulated manner.