Digital asset custody service provider Propine Capital has been accepted by the Monetary Authority of Singapore (MAS) to take part in the country’s FinTech regulatory sandbox.
The Propine platform was set up by Entrepreneur First with the backing of Decacorn Capital, LuneX, SG Innovate and MTZ. An end-to-end securities service provider dedicated to digital securities, Propine says it will offer a full range of services including custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations and regulatory reporting.
Singapore established its FinTech sandbox in 2016 and as a protected environment with certain regulatory freedoms for startups to experiment. If regulators regard a given business model as successful, the sandbox participant is to be allowed to deploy the service in Singapore on a wider scale.
Propine claims to make storage of blockchain-based cryptocurrencies, tokens and other digital assets safe, reliable and convenient. It has expressed optimism that it will smoothly transition into large-scale deployment of its technology and solutions in Singapore.
(Source: Crowdfund Insider)