According to a report from The Straits Time, May 24, 2019, Singapore-based capital market platform iSTOX has been added to the Fintech Regulatory Sandbox of the Monetary Authority of Singapore (MAS). The platform is expected to service digitized securities trading from the fourth quarter of 2019.
Regulated Capital Markets Platform
To encourage the development of financial institutions and fintech startups and help them keep pace with the growing technological space, MAS established a FinTech Regulatory Sandbox in November 2018. The initiative was aimed at helping innovators test new financial products while remaining within the regulatory framework.
In a recent report, it was stated that iSTOX, a capital market platform of a blockchain-based infrastructure company ICHX Tech, has been admitted into the MAS’ Fintech Regulatory Sandbox. The company’s CEO Danny Toe told that the inclusion of iSTOX has taken them a step closer to building a future-ready capital markets platform. iSTOX is expected to graduate from the sandbox in early 2020.
A press release by iSTOX read:
“iSTOX extends the boundaries of current capital markets and will reach out to new segments of capital market participants whose needs are not fully served by existing capital market mechanisms.”
According to the press release, iSTOX entered the sandbox on May 1, 2019. The platform will enable the trading of the digitized securities with the issuance done in fiat currency and not in cryptos.
To help the firm with the legalities around the issuance of digitized securities, it has also formed an iSTOX Legal Panel that brings under one roof some of the most widely known law firms such as Allen & Gledhill LLP, Baker McKenzie Wong & Leow, and Rajah & Tann.
Despite the Ministry of Law of Singapore stating that cryptocurrencies were not legal tender in the state, the Monetary Authority of Singapore exchanged digital currencies over the proprietary blockchain with the Bank of Canada in the first week of May.
The MAS has remained bullish about blockchain technology for a long time and also harbors two of its own blockchain projects namely Project Jasper and Project Ubini.