Graduation Day: Propine’s Big Leap
Propine, the crypto-custody hero of Singapore, has officially graduated from the Monetary Authority of Singapore’s (MAS) fintech regulatory sandbox program! After toiling in the sandbox for just over a year—think of it as the adult version of playing in the sand (minus the bucket and spade)—Propine emerged victorious on January 7 with a shiny new Capital Markets Services License. This license is essentially the gold star for companies wanting to swim with the big fish in the securities market pool.
The Sandbox Experience: From Novice to Pro
How did this graduation come to be, you ask? Propine made its entrance into the MAS regulatory sandbox on November 8, 2019. The sandbox is like a cozy incubator for fintech innovations, where firms can test their ideas under the watchful eye of regulators. After rigorous testing and tweaking—think Shark Tank without the sharks—Propine impressed the judges and was given the green light to operate fully.
Service Bling: What Does This Mean for Propine?
With the Capital Markets Services License secured, Propine is now ready to unleash a full buffet of services! What can you expect from this feast?
- Digital-Asset Custody: Keeping your crypto safe, because you’d want it to feel nice and warm at night.
- Trade Settlement Facilitation: Making trades smooth like butter on a hot pan.
- Asset Servicing: Because assets need love too!
- Services for Global Securities Issuers: Expanding the tentacles to reach clients worldwide.
Institutional Participation: The CEO Speaks
With great power comes great responsibility, and Propine’s CEO Tuhina Singh believes the transparent regulatory framework provides a solid bedrock for institutional players to dive into the world of tokenization and cryptocurrency. In her words, “Having a clear regulatory framework is of vital importance for the safe development of security tokens. This allows hesitant but eager institutions sitting nervously at the sidelines to partake in tokenization.” Talk about encouraging participation!
The Future Looks Bright: Insights from MAS
Kicking off the discussion, Sopnendu Mohanty, chief fintech officer at MAS, noted the meteoric rise of the digital-asset industry and the crucial role of regulators in maintaining trust. He declares, “The digital asset ecosystem, fuelled by financial technology and innovation, is growing at an accelerated pace. Safeguarding these digital assets is essential for maintaining trust in the ecosystem.”
Additionally, the dual-layer multisignatory mechanism used by Propine is blockchain agnostic—meaning it plays well with everyone’s favorite chains. Mohanty is hopeful that such custody solutions will spring up not just in Singapore but across borders too, promising a bright future for digital assets everywhere.
