Singapore gives Aussie Exchange and DBS Vickers the green light to provide crypto services

Singapore gives Aussie Exchange and DBS Vickers the green light to provide crypto services

Digital asset trading venue Independent Reserve has received approval from the Monetary Authority of Singapore (MAS) to offer crypto services in the Asian city-state. In addition, the regulator has also given the green light to DBS Bank's brokerage arm.

Independent Reserve invades Singapore

According to a recent Test report The MAS enabled Australia-based cryptocurrency platform – Independent Reserve – to offer digital payment token services to retail and institutional investors in Singapore.

Before official approval, the Monetary Authority of Singapore considered several factors such as customer protection mechanisms, transactions with IT services, screening and compliance structures.

Independent Reserve CEO – Adrian Przelozny – raised hopes that once licensed, Singaporeans would be able to deal with digital assets “quickly and safely.” He added that Singapore's crypto ecosystem offers enhanced protection to local investors:

"A well-regulated environment will benefit both investors and crypto industry players. With tailor-made rules for the crypto industry, Singapore has the clearest and most detailed licensing requirements of any jurisdiction in Asia. And now Independent Reserve is one of the first fully licensed crypto exchanges for Singaporeans, allowing them to get their SGD quickly and safe to use to get in and out of crypto.”

Przelozny urged Aussies to even take a cue from Singapore's "thorough approach to licensing the crypto industry," reminding that there are no custodial requirements for exchanges in Australia:

“We would like and have pushed for appropriate legislation to be introduced locally to support the industry and protect investors,” he concluded.

Adrian Przelozny, Business Insider

DBS Vickers was also approved

Like the independent reserve, so does the MAS may DBS Vickers (DBSV) – the brokerage arm of DBS Bank – provides digital asset services within Singapore’s borders.

According to an announcement, DBSV can now directly support asset managers and companies trading digital payment tokens via the DBS Digital Exchange (DDEx). Eng-Kwok Seat Moey – Head of Capital Markets at DBS and Chairman of DBS Digital Exchange – commented:

"Following formal regulatory approval from the MAS, DBSV is now better positioned to support institutional and corporate investors in unlocking the growing potential of digital assets as an asset class. This is another significant milestone in our ability to deliver integrated solutions across the digital asset value chain, from transaction generation to tokenization, Listing, trading and custody.”

The approval of the DBS does not come as a surprise, as the MAS green light the move in August. At the time, Moey raised hopes that the initiative would benefit the city-state:

“This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.”

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