The Monetary Authority of Singapore (MAS), the country’s premier financial regulator, has granted a cryptocurrency license to DBS Bank’s DBS Vickers brokerage branch and the Australian Independent Reserve Exchange. Singapore’s granting of a cryptocurrency license will enable the two companies to offer crypto brokerage services to local customers.

Singapore issues crypto licenses to two new crypto exchanges

The Australia Independent Reserve Exchange was the first exchange in the country to offer its services to private and institutional investors in Singapore.

DBVS will help asset managers and financial giants process their crypto payments through the DBS Digital Exchange (DDEx). Both DBS and Independent Reserve received approval in principle from MAS to offer crypto token services in August of this year.

“Since the introduction of DDEx last December (2020) we have seen strong demand from our customers. We expect to double the number of participants in DDEx to 1,000 and increase that number to 20-30% annually over the next three years as digital tokens and crypto exchanges become more acceptable.

“We believe the DBSV license … could increase the volume of DDEx in the coming months and accelerate the growth momentum for DBS’s digital asset ecosystem.” Eng-Kwok Seat Moey, Head of Capital Markets at DBS.

The two new crypto licenses will open the Singapore crypto market to new players, enable healthy competition and also establish Singapore as a growing crypto hub.

Singapore is becoming a growing choice of crypto service providers, although mainstream crypto platforms like Binance are still facing compliance issues. Earlier this week, Binance announced the closure of spot trading and fiat currency recommendation services through Binance.com after its website was placed on the Investor Alert List.

It is important to note, however, that Binance only closes services through the global platform, a sister company of the crypto exchange called Binance Singapore has applied for a crypto license and is currently operating with general approval from MAS.

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