Singapore finance authority grants licenses to Independent Reserve and DBS
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....
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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 (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 […]
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 […]
The inaugural 2021 Independent Reserve Cryptocurrency Index, or IRCI, is based on a poll of 1,000 Singaporeans from a representative background of gender, age and location. Cryptocurrency adoption is growing in Singapore, especially among younger generations looking to capitalize on the generational wealth potential of Bitcoin (BTC) and other digital assets, according to a new survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve. Forty-three percent of the polled respondents said they owned cryptocurrency, with 46% planning to buy digital assets in the next 12....