Singapore Authority Gives Crypto Licenses To DBS And Australian Exchange
The Monetary Authority of Singapore (MAS) has granted licenses to two companies to offer digital payment token services. The brokerage arm of DBS Bank received formal approval from Singapore’s principal financial regulator to provide crypto services. Australian cryptocurrency exchange Independent Reserve also received the same license under the Payment Services Act. With this, Independent Reserve becomes […]
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In a recent development, the stablecoin issuers Circle and Paxos have received approvals in Singapore. According to the report, the Monetary Authority of Singapore (MAS) signed the licenses for the firms. Regulatory licenses and approvals have become mandatory in almost all jurisdictions for crypto-related companies. Most countries are using regulatory approvals as a measure to […]
DBSV and Independent Reserve previously received MAS’ in-principle approvals to provide digital payment token services. Singapore’s principal financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to offer cryptocurrency services in the country.MAS issued Oct. 1 licenses to Australian crypto exchange Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services Act (PS Act).According to an announcement by Independent Reserve, the firm became the first....
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 Reserve
DBS 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....
The Monetary Authority of Singapore wants to support crypto and blockchain adoption in the country but it’s also willing to recognize the risks. More than 100 out of 170 “digital payment token services” in Singapore have reportedly failed to obtain licenses from the local financial regulator, the Monetary Authority of Singapore, or MAS. 103 companies related to the digital payment industry in Singapore found their regulatory exemptions removed amid apparently tough regulation, Japan’s financial publication The Nikkei reported Monday, citing data from the MAS.Sanjay Jain, CEO at Dubai-based....
The new office will reportedly serve as a new hub for crypto traders in Asia and Oceania. One of the world’s oldest crypto exchanges now has an office in Singapore.According to an Oct. 8 announcement from OKCoin, the exchange is opening its doors to crypto traders in Singapore five months after getting the appropriate licenses from the country’s financial watchdog. OKCoin already offers support for the Singapore dollar, and reports its customers can trade SGD pairings for Bitcoin (BTC) and Ethereum (ETH). The new location will reportedly serve as a new hub, catering to customers in Asia....