Monetary Authority of Singapore (MAS) grants crypto licenses to Independent Reserve and DBS

 The Monetary Authority of Singapore (MAS) has officially pronounced approval for two companies to initiate offering cryptocurrency services in the country.

MAS had issued licenses to Australian crypto exchanges Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers (DBSV), permitting them to offer digital payment token services under the Payment Services Act (PS Act).

According to the firm’s announcement, Independent Reserve has become the first Australian crypto exchange to avail retail and institutional investors in Singapore. Founded in 2013, Independent Reserve had started its overseas operations from the country in late 2019, offering digital asset exchange as well as over-the-counter trading services to individuals and organizations.

In a separate announcement made by the DBS Bank, the institutions have noted that the new license will allow DBSV to directly support companies and asset managers in trading digital payment tokens through the DBS Digital Exchange (DDEx).

Established in December 2020, DDEx currently supports trading of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), with institutional investors its only target.

Both Independent Reserve and DBSV have previously received MAS’ in-principle approvals for providing digital payment token services in August 2021. CEO of Independent Reserve, Adrian Przelozny had claimed that Singapore is one country to have the most elaborate licensing requirements in the Asian crypto space.

Chair of DDEx, Eng-Kwok Seat Moey, has noted that the latest legal approval marks a major significant milestone to the company’s ability in providing a number of crypto-related services that includes tokenization, trading, listing and custody. 

The regulatory approvals have come mostly after Binance has halted several product offerings on its Singapore platform in early September as a response to the MAS warnings that the exchange was breaching the country’s PS Act.