The regulator of Singapore issued licenses for the provision of cryptocurrency services in the country to two more companies – the Independent Reserve Exchange and the brokerage division of DBS Bank.
The company has become the first Australian cryptocurrency exchange to offer crypto services to retail and institutional investors in Singapore under a license issued by the Monetary Authority of Singapore (MAS), according to the Independent Reserve.
In a separate statement, DBS Bank noted that the new license will allow DBS Vickers (DBSV) to directly provide cryptocurrency trading services to asset managers and companies through the DBS Digital Exchange (DDEx), launched last year. Last month, DBS and Independent Reserve also received an MAS license to operate digital payment tokens.
Independent Reserve CEO Adrian Przelozny said Singapore has implemented the most detailed licensing requirements of any jurisdiction in Asia.
“Australia can learn useful lessons from Singapore’s careful approach to licensing the cryptocurrency industry. There are currently no requirements for cryptocurrency exchanges in Australia, ”he added.
DBS Digital Exchange Chair Eng-Kwok said the latest regulatory approval marks another major milestone towards the company’s ability to provide a full range of cryptocurrency-related services, including tokenization, listing, trading and custody.
“Once formalized by MAS, DBSV will be able to better serve institutional and corporate investors and unlock the growing potential of digital assets as an investment grade for them,” she said.
Recall that in early September, MAS Singapore warned of the dangers of investing on the Binance exchange.
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