Blockchain-based platform iSTOX has announced obtaining regulatory approvals to start its operations in Singapore.
The Monetary Authority of Singapore (MAS) gave the go-ahead for ICHX Tech Pte, Singapore-based owner of iSTOX, to start its capital market services.
The move will allow Blockchain-based platform iSTOX to eliminate restrictions on the size of issuance and number of investors that it can access.
iSTOX adopts DLT-based technology to offer trading and custody services.
Darius Liu, chief operating officer, said:
“While capital markets have seen many changes and innovations over the years, the underlying core infrastructure hasn’t really changed since the advent of electronic trading decades ago.”
MAS sandbox allows financial institutions to experiment new financial products within a well-defined environment.
The company uses blockchain technology so all issuances can be efficiently made using fiat currencies.
The market watchdog has recently proposed overseeing crypto derivatives trading. It aims to make the derivatives trading subject to the Securities and Futures Act.
At the end of 2019, MAS has established a multi-currency payment network based on blockchain technology.
Sopnendu Mohanty, MAS chief fintech officer, said:
“This has again demonstrated that proportional regulations through sandbox experimentation can foster innovation and bring new benefits to consumers and the financial industry.”
iSTOX has allowed registration for qualified investors so that they can benefit from the opportunities that are not typically available outside the private markets. It also aims to create further issuances through different asset classes.
Cryptolydian earlier reported that that the Singaporean government has enforced the Payment Services Act late last month, which requires all Singapore-based Crypto companies and exchanges to register first and then apply for a license to start operating in the country.
Accordingly, businesses will have one month to register with MAS. After registration, there will be a six-month grace period during which they are expected to apply for a license from a payment institution.