Propine, a Singapore-based crypto custody provider and securities company, has graduated from the Monetary Authority of Singapore’s (MAS) FinTech Regulatory Sandbox and is now fully operational.
According to a press release published on 11 January, MAS approved Propine’s exit from the regulatory sandbox on 7 January, granting it the Capital Markets Services (CMS) license. This makes Propine the only digital asset custodian in the world with ISO 27001 certification.
Propine was admitted to the MAS regulatory sandbox on 8 November 2019. The company participated in the program for just over a year before it was approved to exit.
The chief fintech officer of the MAS, Sopnendu Mohanty, said that the rapid growth seen in the digital asset industry means that regulators have to provide legal safeguards to the market.
“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,” he explained.
Propine highlighted the importance of having a clear regulatory framework, saying that clear rules will allow institutions currently waiting on the sidelines to participate in tokenization.