Propine, a Singapore-based end-to-end securities services firm catering for digital securities services to institutional clients, has become the first independent digital asset custody service provider to graduate from the Monetary Authority of Singapore’s (MAS) Fintech Regulatory Sandbox. 

Since its admission to the sandbox to provide independent digital asset custody services in November 2019, Propine offers a full range of services adapted to the latest financial markets and regulatory trends across digital asset custody, asset servicing, trade settlement facilitation, investor reporting as well as services catering to global security issuers under the watchful eyes of MAS.

With the approval from MAS to exit the regulatory sandbox, Propine has graduated successfully with the CMS License and is now fully operational.

“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.”

said Tuhina Singh, Chief Executive Officer of Propine. 

“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.”

Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said,

“The digital asset ecosystem, fueled by financial technology and innovation, is growing at an accelerated rate in the financial industry. It is crucial to safeguard and service these digital assets effectively yet efficiently so that trust in this ecosystem can be maintained.

 

MAS’ regulatory sandbox has provided Propine a safe space to experiment with its dual-layer multi-signatory custody solution that is blockchain-agnostic. We look forward to seeing digital asset custody solutions taking root in Singapore and abroad.”