DigiFT

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

REJECTED ON UNCONFIRMED ELIGIBILITY AND CONTROL DISCLOSURE, NOT ON REGULATORY QUALITY. DigiFT is genuinely dual-licensed: a Monetary Authority of Singapore Capital Markets Services license and Recognised Market Operator status (granted 2023-12-05), plus Hong Kong SFC Type 1 and Type 4 licenses, operating a regulated on-chain exchange distributing institutional-grade products from UBS, BNY, SBI, Hines, and others through a Dynamic AMM. That is a stronger regulatory foundation than most entries in this backlog. But this review could not confirm two load-bearing facts: whether US persons are excluded (highly likely given DigiFT holds no US securities registration, but not stated in any source reviewed), and whether or how DigiFT’s tokens implement freeze, blacklist, or forced-transfer control, and who holds that authority, on a per-product basis. For a platform distributing multiple distinct issuers’ products (UBS’s uMINT, OCBC-LionGlobal’s GOLDX, BNY’s bEQTY, and others), those answers likely differ product by product, and none were confirmed. Until eligibility and control are affirmatively verified, this stays rejected.

Kill criteria: the events that revoke this verdict
• DigiFT’s Platform Terms and Conditions directly confirm or refute US-person exclusion
• Per-product freeze, blacklist, and forced-transfer control mechanics and their holder are disclosed for each listed issuer’s token
• Founding entity and jurisdiction are confirmed from a primary corporate registry filing
• Redemption terms for products beyond uMINT are confirmed from primary DigiFT or issuer documentation

The research file

Mechanism and regulatory basis

DigiFT Tech (Singapore) Pte. Ltd. operates a ”Dynamic AMM” where liquidity providers deposit security tokens into smart-contract-managed pools and investors trade continuously rather than through an order book. It holds MAS Capital Markets Services License No. CMS101219 and Recognised Market Operator status (granted 2023-12-05, after operating inside the MAS FinTech Regulatory Sandbox from June 2022), plus a MAS custodial license added in February 2025, and Hong Kong SFC Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) licenses. This is a genuinely regulated, non-US securities exchange and distributor, not a self-certified DeFi protocol.

Product shelf and TVL composition

Current listed products include uMINT (UBS Global Opportunities money market fund, ~$10B strategy AUM, $1,000 minimum), GOLDX (OCBC-LionGlobal physical gold, LBMA-benchmarked), bEQTY (BNY Investments US equity income), JX (SBI Japan equity strategy), FLOWC (APAC credit fund), and hGITD (Hines real estate income). TVL is concentrated on Ethereum (roughly $167M of the total ~$173M), tracked via a cross-chain token registry and, for uMINT specifically, a dedicated subscription/redemption management contract that mints and burns supply against off-chain fund flows.

The unconfirmed eligibility question

DigiFT’s site prompts an accredited-investor self-declaration, and support materials reference eligibility gating, but the actual Platform Terms and Conditions — which would state any jurisdictional exclusion, including a US-person exclusion — could not be fetched or confirmed in this research. Given DigiFT holds no SEC or FINRA registration as a broker-dealer or alternative trading system, US-person exclusion is the standard-practice inference for a Singapore/Hong Kong-licensed securities exchange, but this registry does not record an inference as a confirmed fact, consistent with how Ondo Global Markets and Anemoy/JTRSY were only rejected once their exclusions were directly confirmed.

Redemption and control

For uMINT, UBS and DigiFT announced in November 2025 an in-production subscription and redemption workflow using Chainlink’s Digital Transfer Agent standard, routing orders through DigiFT’s regulated distributor contracts into Chainlink DTA contracts that trigger issuance and redemption on UBS’s own fund contracts — a real, disclosed, multi-party redemption pipeline. Other products’ redemption terms were not confirmed to the same standard. No source disclosed whether DigiFT’s tokens carry freeze, blacklist, or forced-transfer functions, or who holds that authority — DigiFT itself, the underlying issuer, or a shared administrator — a material control gap for a platform spanning several distinct issuers.

Track record and comparison

DigiFT was founded in 2020 or 2021 (sources conflict) and raised a cumulative $25M across a 2023 seed and a later SBI Holdings-led strategic round. No MAS or SFC enforcement action, hack, or exploit was found in this review; DigiFT’s own homepage carries an active warning about unauthorized apps impersonating its brand, which is a phishing-risk data point, not an issuer-side incident. Against Ondo Global Markets and Anemoy/JTRSY, both already rejected on confirmed US-person exclusion, DigiFT has a stronger dual-jurisdiction regulatory foundation but a less confirmed picture of who can actually access it and how each product’s control mechanics work.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• DigiFT — MAS Recognised Market Operator and Capital Markets Services License announcement · primary · accessed 2026-08-17
  Supports: MAS CMS license, RMO status, grant date
• DigiFT — custodial license from MAS · primary · accessed 2026-08-17
  Supports: February 2025 custodial license
• DefiLlama — DigiFT protocol data · secondary · accessed 2026-08-17
  Supports: chain and TVL breakdown
• UBS — first in-production tokenized fund redemption via Chainlink Digital Transfer Agent · primary · accessed 2026-08-17
  Supports: uMINT subscription and redemption workflow, DigiFT as regulated distributor
• DigiFT — homepage and product shelf · primary · accessed 2026-08-17
  Supports: listed products and minimums, Hong Kong SFC license reference, scam-impersonation warning

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.