The brokerage arm of DBS Bank, DBS Vickers (DBSV), and Australian crypto exchange Independent Reserve will now offer their cryptocurrency services in Singapore.
On October 01, the companies got approval for offering digital payment token services from the Monetary Authority of Singapore (MAS), under the Payment Services Act (PS Act).
While making an official announcement, the Independent Reserve company stated that it is the first Australian crypto exchange that will offer its services to retail and institutional investors in Singapore.
The Australian company, which was founded in 2013, started setting up its first overseas operation in Singapore, in late 2019. It offered digital asset exchange and over-the-counter trading services to people and institutions.
As per Adrian Przelozny, the CEO of the Independent Reserve, among all the Asian countries, Singapore offers the most detailed licensing requirements to a company.
He stated, “There are real opportunities for Australia to learn from Singapore’s thorough approach to crypto industry licensing. Currently, there are no custodian requirements for digital asset exchanges in Australia.”
DBS Bank also released a public statement notifying that the new license from the MAS will allow DBSV to directly lend its support to asset managers and companies, so that, they could trade digital payment tokens via DBS Digital Exchange (DDEx).
DDEx was launched in December 2020, and presently, it supports trading of two major cryptos Bitcoin and Ethereum. The only target of this platform is institutional investors.
In August, the MAS granted its in-principle approval of offering digital payment token services in Singapore, to DBSV and Independent Reserve.
Eng-Kwok Seat Moey, the chairperson at DDEx, mentioned that recent regulatory approval for the authority marks another significant milestone to the company, as now, it could offer crypto-related services in Singapore.
She further informed, “Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class.”
The recent approval to the companies, offering crypto-related services, came soon after the MAS barred Binance, the world’s largest crypto trading platform, from providing its services in Singapore.
The principal financial regulator, in its circular, mentioned that Binance appears to be breaching the PS Act of Singapore.
Earlier, Binance was also listed on the regulator’s alert list as an “unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.”