iSTOX, a blockchain platform for capital markets, is no longer under a regulatory sandbox in Singapore, and is now qualified and fully licensed in the country. The news was announced by a local media platform, Business Times.
According to the report, the sandbox graduation simply means that iSTOX will no longer be subject to some of the restrictions that come with being under the sandbox. Some of these restrictions include how many investors it can accept on the platform, as well as how much it can issue.
After receiving full approval from the official financial regulator – the Monetary Authority of Singapore (MAS) – iSTOX now allows corporate investors that have been accredited, to enter private markets. For the most part, these markets are not widely available to just any interested persons.
The iSTOX platform was created by ICHX Tech, a blockchain infrastructure company. iSTOX was designed to apply blockchain technology using smart contracts, to increase the general efficiency of issuances, even with the use of fiat currency.
Speaking on the sandbox, the Chief Fintech Officer at the MAS, Sopnendu Mohanty, says that sandboxes are advantageous to the industry.
“This has again demonstrated that proportional regulations through sandbox experimentation can foster innovation and bring new benefits to consumers and the financial industry.”
Last week, a new act came into effect requiring exchange platforms to apply for operating license from MAS.