Crypto-custody provider and securities firm, Propine, has graduated from the Monetary Authority of Singapore’s fintech regulatory sandbox program, emerging with a Capital Markets Services License, and the green-light to commence full operations.
The Singapore-based securities services firm for institutional clients was admitted entry to the MAS regulatory sandbox on Nov. 8, 2019, and participated for just over a year before being granted approval to exit on Jan. 7, according to a recent post on the firm’s website.
Singapore financial law states that a company must hold a Capital Markets Services License if it wishes to conduct business activities regulated under Singapore’s Securities and Futures Act. Upon successful completion of the program, Propine gained a CMS license and will now begin to roll out its full range of services, including, but not limited to, digital asset custody, trade settlement facilitation, asset servicing, and services catering to global security issuers.
Propine CEO Tuhina Singh suggested that the clear regulatory framework provided