The Monetary Authority of Singapore (MAS) on Friday admitted digital securities startup Propine to its fintech regulatory sandbox and also granted a conditional license for operations, the Business Times reported.
Under the regulatory sandbox, a faster option for eligible firms to test innovative financial products and services in the market for certain regulated activities will be provided.
Based in Singapore, Propine offers custodian services for digital assets. To its institutional client base, the company also offers multiple services involving digital asset trading, including custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations, and regulatory reporting.
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Commenting on the development, Tuhina Singh, co-founder and chief executive officer of the company, told the local publication: “The sandbox is a major milestone for us as we move into a more organized and regulated world for blockchain.”
Founded in 2018, the startup closed its seed funding round last year after raising $1.17 million. The permission business model of the firm also attracted investors like Singapore’s Decacorn Capital, SGInnovate, LuneX, and MTZ Holdings.
Bringing blockchain to the mainstream
MAS is one of the early regulators with a bullish point of view on the blockchain technology. Earlier this year, it partnered with the Bank of Canada to complete a test-run of a series of cross-border, cross-currency payments using blockchain technology with their own digital currency.
Most recently, the regulator also granted a capital markets services (CMS) license to crypto bank Sygnum. This will allow the company to offer crypto-focused investment services to its clients. Notably, the Swiss-wing of the bank also received a banking license from the Swiss Financial Market Supervisory Authority (FINMA) to offer similar services in the European jurisdiction.