The digital asset trading venue Independent Reserve received approval from the Monetary Authority of Singapore (MAS) to provide crypto services in the Asian city-state. Additionally, the regulator also greenlighted the brokerage arm of DBS Bank.
Independent Reserve Invades Singapore
According to a recent report, the MAS enabled the Australian-based cryptocurrency platform – Independent Reserve – to offer digital payment token services to retail and institutional investors in Singapore.
Before giving its official approval, the Monetary Authority of Singapore considered several factors such as customer protection mechanisms, information technology services transactions, screening, and compliance structures.
Independent Reserve’s CEO – Adrian Przelozny – raised hopes that after the licensing, Singaporeans would be able to deal with digital assets “quickly and securely.” He added that Singapore’s crypto ecosystem provides local investors with enhanced protection:
“A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade 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 crypto exchanges available to Singaporeans, enabling them to quickly and securely use their SGD to get in and out of crypto.”
Przelozny urged Aussies to even take an example from Singapore’s “thorough approach to crypto industry licensing,” reminding that there are no custodian requirements for exchanges in Australia:
“We’d like to see, and have been pushing for, appropriate legislation to be introduced locally that will support the industry and provide protection for investors,” he concluded.
DBS Vickers Also Got Approved
Like Independent Reserve, the MAS also allowed DBS Vickers (DBSV) – the brokerage arm of DBS Bank – to provide digital asset services inside Singapore’s borders.
Per an announcement, DBSV can now directly support asset managers and companies to trade in digital payment tokens through the DBS Digital Exchange (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 the 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. This marks another significant milestone in our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenization, listing, trading, and custody.”
DBS’s approval does not come as a surprise since the MAS greenlighted the move in August. Back then, Moey raised hopes that the initiative would be beneficial for the city-state:
“This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.”