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Crypto Custody Firm Leaves Singapore's Regulatory Sandbox With License, ISO Rating
The firm exits the sandbox with what it claims is the first ISO 27001 certification for a crypto custody provider.
Updated Sep 14, 2021, 10:54 a.m. Published Jan 11, 2021, 11:13 a.m.
Propine, a Singapore-based digital asset custody provider, announced Monday it has been awarded a capital markets services license from the Monetary Authority of Singapore (MAS).
STORY CONTINUES BELOW
- The news comes as Propine graduates from the MAS FinTech Regulatory Sandbox, which allows financial institutions to experiment with new financial products under the close eye of the central bank.
- The company was admitted to the sandbox to provide digital asset custody services in November 2019.
- The firm also exits the sandbox with what it claims is the first ISO 27001 certification for a crypto custody provider.
- The ISO 27001 certification is an international standard providing a framework for preserving the confidentiality and integrity of vital data.
- “Compliant infrastructure is a bedrock on which the foundations of the security token ecosystem are created,” said Propine CEO Tuhina Singh, in reference to MAS' regulatory framework for digital assets.
- As well as custody, Propine offers digital asset servicing, trade settlement facilitation and investor reporting with a focus on institutional clients.
Read more: MAS, JPMorgan Build Payments System With Inter-Blockchain Connectivity
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