As you may be aware, the Liquid exchange (Quoine) is shortly to begin operating fully under the regulatory framework under the Monetary Authority of Singapore (MAS).
Liquid has notified all listed token providers, including Dragon, to submit an application via a qualified Singapore law firm that covers the characterisation of DRG under the Payment Services Act (PAS) and the Securities and Futures Act (SFA) that are administered by the MAS.
With Liquid operating its global (ex-Japan) exchange services from Singapore, it may be required to delist all cryptocurrencies that do not have a valid Singapore Legal Opinion.
To clarify, even if DRG is compliant there is a good chance that the Singapore government will move to ban any compliant or non-compliant tokens which they consider to be "high-risk" such as those used for gambling or adult entertainment.
After careful consideration, and in light of the fact that we have a superb exchange of our own, (DRGx), we have decided not to pursue a Singapore Legal Opinion.
It is anticipated that Liquid will cease trading options for DRG (and many other tokens) this week and we are waiting for them to advise on the 'grace period' for the removal of DRG onto other exchanges.
While we appreciate that this is disappointing news for DRG holders who use Liquid, it removes a source of arbitrage and will increase the volume of trades taking place within DRGx and allow coin trackers such as CMC to accurately reflect the market capitalisation allowing DRG to climb higher.
Liquid was one of the first exchanges to host DRG, and we would like to thank the team for their support over the years and wish them luck for the future.
Remember that as well as getting hold of your very own Dragon Social Wallet, to enjoy the full trading experience you need to complete the KYC process, so if you haven't done this yet, please take some time to get your documents ready and complete the quick approval process.