Cleaves substrates with C-terminal arginine residues. Modulates the Wnt signaling pathway, probably by cleaving some undefined protein. Regulates the development of skeletal elements during development, probably by activating WNT4. Inhibited by 2-mercaptomethyl-3-guanidinoethylthiopropanoic acid (MGTA) and guanidinoethylmercaptosuccinic acid (GEMSA). Inhibited by chelating agents such as EDTA and EGTA (By similarity). Interacts with WNT4 vie its FZ domain. In the early embryo it is initially expressed throughout the somites and subsequently becomes restricted to the sclerotome. Expressed in somites, paraxial head mesoderm and apical ectodermal ridge. Belongs to the peptidase M14 family.