Singapore enables Australian Exchange and DBS to offer cryptocurrency services

Singapore Approved, DBS, MAS, Competent Authority

Singapore has enabled the Independent Reserve and DBS Vickers to offer crypto services to domestic retail and institutional investors as we read more about the latest crypto news today.

The Digital Asset Exchange Independent Reserve has received approval from the Monetary Authority of Singapore to provide crypto services to city-states, while the regulator has also licensed DBS Bank to operate in the country. According to the latest reports, Singapore has allowed Australia-based Independent Reserve Bank to offer digital payment token offerings to Singapore institutional and retail investors. Before the Monetary Authority of Singapore gave the green light, it considered a number of factors such as transactions with IT services, protection mechanisms, screening and compliance structures.

Singapore bank DBS starts currency and crypto exchange - Nikkei Asia

Australian Exchange CEO Adrian Prelozny said he hoped that once licensed, Singaporeans will be able to trade digital assets quickly and securely. He added that Singapore’s crypto ecosystem offers improved protection for local investors:

“A well-regulated environment benefits both investors and stakeholders in the crypto industry. With the right 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 cryptocurrency exchanges for Singaporeans, allowing them to quickly and securely use their SGD to get in and out of crypto. “

Prelozny urged Australians to take the Singaporean “radical approach to crypto licensing” as an example, reminding them that there are no regulatory requirements for exchanges in Australia. He concluded:

“We want and urge local laws to support the industry and protect investors.”

Like the stock exchange, Singapore’s MAS DBS enables Vickers, the brokerage arm of DBS Bank, to offer digital asset services within Singapore’s borders. According to the announcement, DBSV can assist asset managers and companies in trading digital payment tokens via the DBS Digital Exchange. Eng-Kwok Seat Moey, Head of Capital Markets at DBS, commented:

“After formal regulatory approval by MAS, DBSV is now in a better position to support institutional investors and companies in tapping the growing potential of digital assets as a form of investment. This is another milestone in our ability to offer integrated solutions across the entire digital asset value chain, from transaction initiation to tokenization, listing, trade translation and storage. “

The recent approval for DBS comes as no surprise as the person teased the move in August and Moey at the time raised hopes that the move would be of great benefit to Singapore:

“This will add to Singapore’s ambitions to become a digital asset hub in Asia.”

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