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 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....
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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 […]
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....
Independent Reserve gets the first in-principle approval that gives hope to around 170 crypto exchange applicants waiting to receive an official operating license in Singapore. Independent Reserve, an Australian crypto exchange founded in 2013, has become the first cryptocurrency exchange in Singapore to receive an “in-principle approval” to operate as a fully regulated virtual asset service provider (VASP).In a letter from the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), the exchange was approved under the terms of the Payments Services Act, which came....
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 […]
Independent Reserve’s survey revealed a strong affinity for various financial opportunities brought forward by decentralized finance and other investment opportunities. As Singapore continues to play an active role in boosting crypto adoption across the Asia-Pacific region, the country’s first licensed crypto exchange Independent Reserve conducted a retail-focused survey to better understand the underlying potential of the regulated market.Independent Reserve’s survey — conducted across all age groups and genders of the Singapore population — revealed a strong affinity for various....