# Why Ketju rejected DigiFT

- URL: https://riadefi.com/rejections/digift/
- Exposure: tokenized RWA
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-11-17

## The memo

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.

## What would reopen the file

- 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

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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