Singapore awards crypto licenses to DBS and independent reserve regulation
Singapore awards crypto licenses to DBS and independent reserve regulation
The Monetary Authority of Singapore (MAS), the country's central bank, has officially approved two companies to offer cryptodic services. One is the broker arm of DBS, the largest bank in Singapore and Southeast Asia. The other is independent reserve, a crypto tour and an OTC trading desk.
Singapore Zentralbank officially approved DBS and independent reserve
The DBS Bank announced on Friday that its brokerage arm, DBS Vickers (DBSV), "received the formal approval of the Monetary Authority of Singapore (MAS) in accordance with the Payment Services Act 2019 to offer digital payment token services as a significant payment institute".
The bank said: "DBSV as a member of DBS Digital Exchange (DDEX) can support asset managers and companies directly in trading digital payment stakes via DDEX."
Eng-W-KWOK Seat Moy, Head of Capital Markets at DBS and Chairman of DBS Digital Exchange, commented:
With the formal official approval of MAS, DBSV is now better able to support institutional and entrepreneurial investors in the development of the growing potential of digital assets as an investment class.
Since its introduction in December as a pure membership exchange, the DBS Digital Exchange has "grown very quickly", according to the bank called last month and added that the platform expects the number of trading members to double by the end of December and will grow by 20-30% annually in the next three years.
Another company, independent reserve, a crypto exchange and an OTC trading desk, also announced on Friday that it received the "license permit" from MAS. The stock exchange, founded in Australia in 2013, offers Fiat-to-Crypto trading pairs in SGD, Aud, USD and NZD. The company wrote:
The cryptocurrency exchange Independent Reserve has received approval for a license for a major payment institution in Singapore today in order to operate as a regulated provider of digital payment token services.
The independent reserve CEO Adrian Przelozny said: "A well-regulated environment will benefit both the investors and the interest groups of the crypto industry. With tailor-made rules for the crypto industry, Singapore currently has the clearest and most detailed license requirements of all jurisdiction in Asia."
The stock exchange announced in August that it received a “basic approval” from the central bank. Since then "we have seen an influx of private investors and institutional investors," said Raks Sondhi, Managing Director of Independent Reserve in Singapore.
What do you think that the central bank DBS and independent reserve will be awarded crypto licenses? Let us know in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wiki Commons
Kommentare (0)