The Monetary Authority of Singapore (MAS) has approved two crypto firms in the country. DBS Vickers and Independent Reserve have both become fully licensed crypto-based firms operating in Singapore.
Independent Reserve Gets MAS Approval
A recent report issued by Independent Reserve stated that the firm would now offer fully regulated digital payment token services to both retail and institutional investors in Singapore.
The MAS evaluated several factors before giving its approval to the firm. Some of these factors included investor protection and compliance structures.
The CEO of Independent Reserve, Adrian Przelozny, stated that residents in Singapore would have a faster and secure way of offering services related to digital assets with this new license.
Przelozny also commented on the regulatory framework in Singapore, stating that, “With tailormade rules for the crypto industry, Singapore has the clearest and most detailed licensing requirements of any jurisdiction in Asia. And now, Independent Reserve is one of the first fully licensed crypto exchanges available to Singaporeans.”
Przelozny also urged Aussie regulators to take some tips from the regulations in Singapore regarding thorough crypto industry licensing procedures. He further noted that Australia lacks custodian requirements for exchanges, and it would benefit crypto firms in the country t
DBS Vickers Gets MAS Approval
The MAS also issued its approval to DBS Vickers (DBSV), the brokerage division of DBS Bank. DBSV will now be approved to offer digital asset services within Singapore borders.
DBSV primarily deals with institutional investors holding crypto investments. With this new offering, the DBSV will now offer support to asset managers and companies dealing with digital payment tokens using the DBS Digital Exchange (DDEx).
Commenting in this licensing, Eng-Kwok Seat Moey, the Head of Capital Markets at DBS who is also the Chair of the DBS Digital Exchange, stated that, “Having received formal regulatory approval from the MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class.”
The approval of DBS was seen coming as the MAS had already approved the request in August.
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