Crypto custody service wins approval in Singapore

Digital solutionsThe Monetary Authority of Singapore (MAS) has granted regulatory approval to Propine, a start-up providing crypto custody and securities services. The decision follows the MAS’s decision to back a digital exchange partnership between DBS Bank and the Singapore Exchange as Singapore looks to promote itself as the region’s leading centre for digital asset trading and tokenisation. Based in Singapore, Propine graduated from the MAS’s fintech sandbox programme, emerging with a capital markets services license, a requirement for companies looking to operate in Singapore’s securities market. In addition to digital custody, Propine will offer trade settlement, asset servicing and digital issuance services. Regulatory approval is seen as a vital step in encouraging greater involvement from institutional investors in the growing digital asset and tokenisation market. “Having a clear regulatory framework is of vital importance for the safe development of security token,” said Tuhina Singh, chief executive of Propine. “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.” © 2021 funds global asia

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