Singapore grants crypto licenses to DBS Bank and the Australian Independent Reserve Exchange!

granted Monetary Authority of Singapore (MAS), licenses to two companies to provide digital payment code services, where it received the brokerage arm of a bank DBS, the official approval of the major financial regulator in Singapore, to provide crypto services.

The Australian Cryptocurrency Exchange Independent Reserve, also obtained the same license under the Payment Services Act, and with this, the company Independent Reserve The first Australian stock exchange to be licensed in Singapore. These approvals depend on the country's standing as a cryptocurrency hub.

Two companies obtain the approval of the Monetary Authority (MAS)

Independent Reserve Board announced, formal approval of the license to Independent Reserve In a statement on Friday. Where the company was founded in Australia in 2013and later expanded to Singapore at the end of 2019. It started setting up its first offshore operation to provide digital asset exchange and OTC trading services.

As announced by Bank DBS The approval in a separate statement last Friday:

"that DBS Vickers Now able to provide asset managers and institutional investors with seamless access to solutions DBS Digital Exchange“

The approval will allow the company, according to the statement, to directly support asset managers and companies, to trade in digital payment tokens through DBS Digital Exchange (DDEx).

Also, the engineer confirmed Eng-Kwok Seat Moey, chief DBS Digital Exchange, that with official approval became DBSV In a better position, to support investors in digital assets.

Says:

“This represents another important milestone in our ability to provide integrated solutions, across the digital asset value chain, from deal creation to tokenization, listing, trading and custody.”

The Executive Director of the Independent Reserve also commented Adrian Przelozny On the recent approval, he said Singapore's environment is well regulated, and makes it easy to provide cryptocurrency services to institutions that want to trade cryptocurrency.

It has all got DBS Vickers And Independent Reserve In early August, on approvals Monetary Authority MAS In principle, to provide digital payment code services.

while he said Raks Sondhi, Managing Director of the company Independent Reserve, in Singapore:

“Since getting the initial approval, we have seen an influx of individual and institutional investors.

This license will allow the company Independent Reserve By accelerating its growth in Singapore, and assuring investors of our integrity and safety.”

It is worth noting that the licenses issued to the two companies add momentum to the efforts made in Singapore to expand cryptocurrency activities, as the country is working to intensify integrated financial services for the currency. Bitcoin and other digital assets.

Cryptocurrency exchange Binance in Singapore

These approvals come shortly after the announcement Binance In late September, it ceased providing certain services to users in Singapore. Among these services are fiat deposits, spot trading, purchase of cryptocurrencies through fiat channels, and liquidity swaps.

The Monetary Authority had previously added the stock exchange to the list of investors alert, claiming that it is not licensed, as this list contains companies that do not have the appropriate licenses to provide payment services in the country.