Crypto custody company graduated from the Singapore Monetary Authority’s regulatory sandbox

Spread the love

Singapore-based Propine emerged from the MAS regulatory sandbox with a Capital Markets Services License and an authorisation to begin providing digital asset services to organisations.

Crypto-custody company and brokerage company, Propine, graduated from Singapore’s Fintech Regulatory Sandbox Program with a Capital Markets Services License and a Green Light to launch full operations.

The Singapore-based securities services firm for institutional clients was admitted to the MAS regulatory sandbox on 8 November 2019 and participated for just over a year before being given leave permission on 7 January, according to a recent report on the company’s website.

Singapore Financial Law specifies that a corporation shall hold a Capital Markets Services License if it wishes to perform business practises governed under the Singapore Securities and Futures Act. Upon effective completion of the programme, Propine acquired a CMS licence and will now continue to carry out its full range of offerings, including, though not limited to, digital asset custody, transaction settlement facilitation, asset services and services for global securities issuers.

Propine CEO Tuhina Singh indicated that a simple regulatory structure established by the MAS could help catalyse institutional engagement in tokenization and cryptocurrency:

“Having a clear regulatory framework is of vital importance for the safe development of security token. This allows hesitant but eager institutions waiting on the sidelines, to be able to participate in tokenization. Compliant infrastructure is a rock bed on which the foundations of the security token ecosystem are created.”

The Chief Fintech Officer of the MAS, Sopnendu Mohanty, said that the digital asset market is growing at an accelerated pace and that regulators have a responsibility to provide regulatory protections to insure that confidence in the industry does not collapse.

RECOMMENDED READ:  Bitcoin Witnesses Substantial Retail Transition to Institutional Investors

“The digital asset environment, fueled by financial technologies and creativity, is rising at an accelerated pace in the financial market. It is important to secure and service these digital assets securely and efficiently so that trust in the environment can be sustained,” said Mohanty.

Mohanty said Propine’s custody service uses a dual-layer multi-signatory system that is not native to any single chain but is an agnostic blockchain. The Fintech officer said he hoped that digital asset custody technologies would soon emerge in Singapore and abroad.

 343 Interactions,  2 today

READ ALSO:
Ripple and SEC respond to XRP holders’ request for action.

It seems that not a single day goes by without a new development in the continuing case between the SEC Read more

XRP holders denied participation as third-party claimant in the Ripple-SEC lawsuit.

The judge presiding over the SEC-Ripple case has rejected the assets holders' request to appear as third-party claimants in the Read more

RECOMMENDED READ:  Bitcoin is still in a price “purgatory”: three factors show a bullish breakout may be near
South Korea’s digital currency exchanges face bans over anti-money laundering violations

The South Korean financial regulator has launched a number of new regulatory mechanisms to insure that digital currency exchanges comply Read more

Japanese crypto trader sentenced to one year in jail

The Ishikawa Prefecture Court finds the Japanese merchant guilty of tax evasion by buying bitcoins. Now he faces a year Read more

SEC’s activities have caused $15 billion in losses to XRP holders:

Weeks after the United States Securities and Exchange Commission lodged a revised complaint in its case against Ripple Labs, the Read more

China bans crypto mining in the heart of Mongolia

China has been at the forefront of creating the digital yuan or DECP [Digital Currency Electronic Payment], but has stayed Read more

India regulators allegedly confiscating crypto hardware wallets – crypto-influencers

Although the lack of legislation for cryptocurrencies has grown into an issue in India, the country's crypto-users have not yet Read more

RECOMMENDED READ:  BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, BCH Prices Movement Analysis for 12th March, 2021
Elon Musk unperturbed into Dogecoin tweets by alleged prospect of SEC probe

The Tesla CEO avowedly loves "dogs and memes" and supports the rumoured prospect of his Dogecoin tweets being federally scrutinised Read more

Blockchain Australia terminates Qoin retail crypto project

Blockchain Australia has ended Qoin's membership of the organisation on the grounds that the crypto project is a pyramid scheme. Read more

US judge dismisses the case of crypto fraud against the BNT token issuer.

The U.S. Federal Judge ruled that the case against the crypto corporation Bancor had been dismissed, citing the lack of Read more

Tether and Bitfinex, reached a settlement of $18.5 million in penalties, to cease NY activities

The much-discussed conflict between Bitfinex and Tether has now come to an end; the parties have reached a settlement. The Read more

Robinhood, Reddit, Citadel Justifying Their Conduct Before Congress

The Committee on Financial Services of the United States House of Representatives held a virtual hearing on February 18, 2021, Read more

Leave a Reply

Contact Us