By joining the FinTech Regulatory Sandbox of Monetary Authority of Singapore (MAS) on May 1, the Singapore-based firm will begin offering service for trading of digitized securities from the fourth-quarter of 2019.
iSTOX is operated by ICHX Tech, a firm providing blockchain framework and promoted by Singapore based top investment firm ICH Group. The firm anticipates to successfully test the sandbox and turn out to be completely functional by early 2020.
iSTOX asserts that it is the first “fully-regulated platform in a major global financial center to offer issuance, settlement, custody and secondary trading of digitized securities.” The MAS acts as both financial regulator and Singapore’s central bank.
The law enforcement agency introduced the FinTech Regulatory Sandbox to facilitate domestic ventures that build unique finance related products and services in a safe and enhanced ecosystem.
In the final-quarter of 2018, the MAS widened its legislative framework to include payment processors that handle Bitcoin (BTC) and Ethereum.
Furthermore, the bank has tabled a new bill that is anticipated to substitute two prevailing laws related to money transfers. In the recent past, MAS CFO Sopnendu Mohanty has acknowledged the ability of blockchain to enhance the capability of cross-border payments after the bank triumphantly conducted its first blockchain cross-border deal in cryptocurrency in partnership with the Bank of Canada.