The crypto custodian provider and investment firm, Propyne, Completed the Monetary Authority of Singapore’s fintech sandbox program, Obtained a Capital Markets Services license and approval to start full operations.
The Singapore-based investment services firm for institutional clients was admitted to the MAS sandbox on November 8, 2019 attended for a little over a year before receiving permission to leave on Jan. 7, according to a recent post on the company’s website.
Under the Singapore Finance Act, a company must be licensed to provide capital market services in order to conduct business governed by the Singapore Securities and Futures Act.. After successfully completing the program Propine has received a CMS license and will now start implementing its entire range of servicesThese include, but are not limited to, digital asset custody, facilitation of trade agreements, asset maintenance, and services for global securities issuers.
The CEO of Propine, Tuhina singh, suggested that the clear legal framework provided by MAS could help catalyze institutional commitment to tokenization and cryptocurrencies::
“A clear legal framework is essential for the secure development of security tokens. This allows for undecided but fearful institutions waiting on the side to participate in the tokenization. The supported infrastructure is a foundation on which the foundation of the security token ecosystem is built. “
Director of Financial Technology at MAS, Sopnendu Mohantysaid The digital asset industry was growing rapidly, and regulators were required to put in place legal safeguards so that confidence in the industry wouldn’t fail.
“The digital asset ecosystem, powered by financial technology and innovation, is growing rapidly in the financial industry. It is critical to effectively but efficiently protect and maintain these digital assets in order to maintain confidence in this ecosystem.Mohanty said.
Mohanty said that Propine’s escrow service uses a two-tier, multi-company mechanism that is not inherent in any chain but independent of the blockchain network. The fintech official said he expected solutions for digital asset custody in Singapore and abroad soon.