KETJU Research

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Tokenized real-world assets

DigiFT

Rejected The evidence weighs against it
Issued
2026-08-17
Last confirmed
2026-09-26
Next check due
2027-09-27
Research basis
Individual research
Chains
Ethereum · No freeze key, Arbitrum One · Mixed control, BNB Smart Chain · Issuer can freeze
Eligibility file
What the holder owns and who may hold it

We reject DigiFT because we could not confirm who may invest or who controls its tokens, not because of its regulatory quality. DigiFT is genuinely dual-licensed: it has 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. It operates a regulated on-chain exchange that distributes 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 key 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, for each product. For a platform distributing several issuers’ products (UBS’s uMINT, OCBC-LionGlobal’s GOLDX, BNY’s bEQTY, and others), those answers likely differ by product, and none were confirmed. Until we verify eligibility and control, this stays rejected.

The research file

Mechanism and regulatory basis

DigiFT Tech (Singapore) Pte. Ltd. operates a “Dynamic AMM” where liquidity providers deposit security tokens into pools managed by smart contracts and investors trade continuously instead of 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). A cross-chain token registry tracks it. For uMINT specifically, a dedicated subscription and redemption management contract mints and burns supply against off-chain fund flows.

The unconfirmed eligibility question

DigiFT’s site prompts investors to declare that they are accredited, and support materials refer to eligibility checks. But this research could not fetch or confirm the actual Platform Terms and Conditions, which would state any limits based on jurisdiction, including a US-person exclusion. DigiFT holds no SEC or FINRA registration as a broker-dealer or alternative trading system, so excluding US persons is the standard-practice inference for a Singapore/Hong Kong-licensed securities exchange. But this registry does not treat an inference as a confirmed fact. This follows the treatment of Ondo Global Markets and Anemoy/JTRSY, which were rejected only after their exclusions were directly confirmed.

Redemption and control

For uMINT, UBS and DigiFT announced in November 2025 a live subscription and redemption process using Chainlink’s Digital Transfer Agent standard. Orders pass through DigiFT’s regulated distributor contracts into Chainlink DTA contracts, which trigger issuance and redemption on UBS’s own fund contracts. This is a real, disclosed redemption process with several parties. The review did not confirm other products’ redemption terms to the same standard. No source disclosed whether DigiFT’s tokens have freeze, blacklist, or forced-transfer functions, or who holds that authority: DigiFT itself, the underlying issuer, or a shared administrator. That is 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 strategic round led by SBI Holdings. This review found no MAS or SFC enforcement action, hack, or exploit. DigiFT’s own homepage carries an active warning about unauthorized apps impersonating its brand. That is evidence of phishing risk, not an incident caused by an issuer. Compared with Ondo Global Markets and Anemoy/JTRSY, both already rejected because their US-person exclusions were confirmed, DigiFT has a stronger regulatory foundation across two jurisdictions. But the evidence is less clear on who can access it and how the controls for each product work.

Sources

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

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.

ChainVerdictControlControl constraint
EthereumApproved No freeze key No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus.
Arbitrum OneApproved with limits Mixed control a single sequencer orders >99% of transactions and admin keys can upgrade bridge contracts on a ~7-day timelock.
BNB Smart ChainRejected Issuer can freeze the validator set concentrates around one company, and the chain has been halted by decision.
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