The Monetary Authority of Singapore has officially approved two companies to offer cryptocurrency services in the country.
MAS issued licenses to Australian crypto exchange Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers allowing them to provide digital payment token services under the Payment Services Act (PS Act).
According to an announcement by Independent Reserve, the firm became the first Australian cryptocurrency exchange available to retail and institutional investors in Singapore. Founded in Australia back in 2013 and the company started setting up its first overseas operations in Singapore in late 2019.
The firm noted that the new license will allow DBSV to directly support asset managers and companies to trade digital payment tokens through DBS Digital Exchange (DDEx). Both DBSV and Independent Reserve previously received MAS’ in-principle approvals to provide digital payment token services in early August.
Independent Reserve CEO claimed that Singapore has the most detailed licensing requirements of any jurisdiction in Asia. There are real opportunities for Australia to learn from Singapore’s thorough approach to crypto industry licensing.
