Singapore Grants Crypto Licenses to DBS and Independent Reserv | Kianite

Singapore Grants Crypto Licenses to DBS and Independent Reserve

The Monetary Authority of Singapore (MAS), the country’s central bank, has formally approved two companies to provide crypto services. One is the brokerage arm of DBS, the largest bank in Singapore and Southeast Asia. The other is Independent Reserve, a crypto exchange and OTC trading desk.

Singapore’s Central Bank Formally Approves DBS and Independent ReserveDBS Bank announced Friday that its brokerage arm, DBS Vickers (DBSV), “has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.”The bank explained: “This will enable DBSV, as a member of DBS Digital Exchange (Ddex), to directly support asset managers and companies to trade in digital payment tokens through Ddex.”Eng-Kwok Seat Moey, head of Capital Markets at DBS and chair of the DBS Digital Exchange, commented:

Having received formal regulatory approval from 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.