Blockchain Capital Markets Platform iSTOX Enters Singapore Central Bank’s Sandbox

iSTOX, security token offerings (STO) platform developed by blockchain firm ICHX Tech, has been admitted into the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox.

The MAS sandbox, which was launched in November 2018, allows innovative FinTechs in legal grey areas to test their solutions in the market, under regulator supervision. It allows for this experimentation in the production environment, but within a defined space and duration, along with appropriate safetguards to contain any consequences of failure without too much impact on the national financial system.

iSTOX incorporates blockchain and smart contract technology in its platform infrastructure. Despite being a blockchain-based platform, iSTOX will not list initial coin offering (ICO) tokens or popular cryptocurrencies like bitcoin, ether, and XRP, and will only deal in fiat transactions for the sale of tokenized securities.

The platform, which has been operating within the sandbox environment since May 1, is eyeing to graduate from the sandbox and move into full operation by 2020 as a fully regulated capital markets platform. The platform is currently onboarding its first batch of issuers and investors, and expects the first issuance of digitized securities within the sandbox environment to take place by the fourth quarter this year.

Danny Toe, chief executive officer of ICHX Tech, said that joining the MAS sandbox is a key step towards its goal of building a “future-ready regulated capital markets platform.”

“Our focus during this period is to deploy and develop the iSTOX platform within the sandbox to better serve both issuers looking to raise capital and investors seeking bespoke investment opportunities,” Toe said.

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