Propine gets approval to provide crypto custody

Regulatory approval from the Monetary Authority of Singapore (MAS) has been granted to Singapore-based start-up Propine to provide crypto custody and security services. Propine, an end-to-end securities services firm providing digital security services to institutional clients, has revealed that it was the first independent Digital Asset Custody service provider to graduate from MAS’ FinTech Regulatory Sandbox.

Propine’s CEO, Tuhina Singh thanks MAS for their successful experimentation and exit from the regulatory sandbox. Miss singh also says having a clear regulatory framework is of vital importance for the safe development of security token which allows hesitant but eager institutions waiting on the sidelines, to be able to participate in tokenisation and that compliant infrastructure is a rock bed on which the foundations of the security token ecosystem are created.

Miss Singh also says they 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 their services and the activities adhere to the services authorised. Propine will offer trade settlement, asset servicing and digital issuance services other than providing crypto custody and securities services.