Singapore-based startup Propine has received regulatory approval from the Monetary Authority of Singapore (MAS) to provide crypto custody and securities services, media reports said. Propine, which is an end-to-end securities services firm catering for digital securities services to institutional clients, also revealed that it was the first independent Digital Asset Custody service provider to graduate from MAS’ FinTech Regulatory Sandbox.
Propine chief executive officer, Tuhina Singh told the media, “Huge thanks to MAS for our successful experimentation and exiting the regulatory sandbox. 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 tokenisation. Compliant infrastructure is a rock bed on which the foundations of the security token ecosystem are created.”
“We will continue to engage MAS and other regulators to keep up to date with market developments as well as taking the lead in setting market standard practices and developing the ecosystem, to ensure that there is transparency in our services and the activities adhere to the services authorised.”
Besides providing crypto custody and securities services, Propine will offer trade settlement, asset servicing and digital issuance services. In this context, Tuhina added, “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 tokenisation. Compliant infrastructure is a rock bed on which the foundations of the security token ecosystem are created.”