The Monetary Authority of Singapore (MAS) has granted licenses to two companies to offer digital payment token services. The brokerage arm of DBS Bank received formal approval from Singapore’s principal financial regulator to provide crypto services.
Australian cryptocurrency exchange Independent Reserve also received the same license under the Payment Services Act. With this, Independent Reserve becomes the first Australian crypto exchange to be licensed in Singapore.
These approvals further build on the country’s status as a crypto hub.
Two Companies Receive MAS Approval
Independent Reserve announced the official licensure approval in a statement on Friday. The company was established in Australia in 2013 and later expanded to Singapore in late 2019. It started setting up its first overseas operations to provide digital asset exchange and OTC trading services.
Total crypto market cap rises to $2.155 Trillion | Source: Crypto Total Market Cap from TradingView.com
DBS Bank also announced the approval in a separate statement on Friday. “DBS Vickers now able to provide asset managers, institutional investors seamless access DBS Digital Exchange’s solutions,” it stated. According to the statement, the approval will allow the company to directly support asset managers and companies to trade in digital payment tokens through DBS Digital Exchange (DDEx). Eng-Kwok Seat Moey, Chair of the DBS Digital Exchange, said that with the formal approval, DBSV is in a better position to support investors in digital assets. “This marks another significant milestone in our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenization, listing, trading, and custody.”, she also said.
Related Reading | DBS Bank Issues Digital Bonds in First Security Token Offering
CEO of Independent Reserve Adrian Przelozny also commented on the recent approval. He said that Singapore’s well-regulated environment makes it easier to provide cryptocurrency services to institutions wanting to trade crypto.
Both DBS Vickers and Independent Reserve previously received MAS’ in-principle approvals to provide digital payment token services in early August.
“Since receiving our in-principle approval, we’ve seen an influx of retail and institutional investors,” said Raks Sondhi, Managing Director of Independent Reserve in Singapore. He continued by saying “This license will allow Independent Reserve to accelerate its growth in Singapore and reassure investors of our integrity and safety,”
The two firms add to efforts made in Singapore to expand cryptocurrency activities. The country is ramping up integrated financial services for bitcoin and other digital assets.
Crypto Exchange Binance In Singapore
These approvals come shortly after Binance announced in late September that it would stop offering certain services to users in Singapore. Among these services were fiat deposits, spot trading, the purchase of cryptocurrencies through fiat channels, and liquid swap.
Related Reading | Binance Ceases Spot Crypto Trading And Other Services In Singapore
The Monetary Authority had previously added the exchange to its investor alert list, claiming that it was unlicensed. This list contains companies that do not have the proper licenses to provide payment services in the country.
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