After its inclusion to the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox on May 1, the Singapore-based firm will begin providing service for the trading of digitized securities beginning out from Q4 2019, based on a iSTOX official press release.
Operated by ICHX Tech, a blockchain infrastructure company incubated by leading Singapore investment company ICH Group, iSTOX hopes to graduate in the sandbox and be fully operational by early 2020, the press release notes. The company claims are the primary”fully-regulated platform at a significant global financial centre to provide issuance, settlement, custody and secondary trading of digitized securities”
The MAS signifies both Singapore’s central bank and fiscal regulator. The authority established its FinTech Regulatory Sandbox so as to empower local projects to create new financial services and products in a safe and effective ecosystem.
In late 2018, the MAS enlarged its regulatory frame for payment operators to deliver chosen cryptocurrencies like bitcoin (BTC) and ethereum (ETH) under its authority. The lender has filed a new bill that’s expected to replace two existing bits of its laws linked to obligations and remittances.
Lately, MAS’ CFO Sopnendu Mohanty has acknowledged the capacity of blockchain to enhance the efficacy of cross-border payments following the lender successfully completed its initial blockchain cross-border trade in electronic money in collaboration with the Bank of Canada.