Singapore’s main financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to provide cryptocurrency services in the country.
MAS issued licenses to the independent reserve bank of the Australian cryptocurrency exchange and DBS Vickers (DBSV), the brokerage arm of DBS Bank on October 1, allowing them to provide digital payment token services in accordance with the Payment Services Act (PS Act).
According to one announcement Through independent reserves, the company became the first Australian cryptocurrency exchange available to retail and institutional investors in Singapore. The company was established in Australia in 2013 and started to set up its first overseas business in Singapore at the end of 2019 to provide individuals and institutions with digital asset exchange and over-the-counter transaction services.
In another announcement from DBS Bank, the company famous The new license will enable DBSV to directly support asset management companies and companies to trade digital payment tokens through DBS Digital Exchange (DDEx). Launched in December 2020, DDEx supports the transaction of major cryptocurrencies such as Bitcoin (Bitcoin) And ether (Ethereum), only for institutional investors.
DBSV and independent reserve Previously approved in principle by MAS Provide digital payment token service in early August.
Independent Reserve CEO Adrian Przelozny claims that Singapore has the most detailed licensing requirements of any jurisdiction in Asia. “Australia has a real opportunity to learn Singapore’s thorough approach to licensing the crypto industry. Currently, Australia has no custody requirements for digital asset exchanges,” he added.
DDEx Chairman Eng-Kwok Seat Moey pointed out that the latest regulatory approval marks another important milestone in the company’s ability to provide many crypto-related services, including tokenization, listing, trading, and custody. “After obtaining the formal regulatory approval from MAS, DBSV is now better able to support institutional and corporate investors to utilize the growing potential of digital assets as an investment category,” she pointed out.
The latest regulatory approval was obtained shortly after Binance, the world’s largest cryptocurrency exchange, stopped offering multiple products on its Singapore platform in early September, as MAS warned that the exchange may have violated the country’s PS Act.Binance before Appear On the investor warning list of the regulatory agency, it reflects “according to the information received by MAS, it may be mistaken for unsupervised persons who have been licensed or regulated by MAS”.