THELOGICALINDIAN - The Monetary Authority of Singapore MAS has accepted licenses to two companies to action agenda acquittal badge casework The allowance arm of DBS Bank accustomed academic approval from Singapores arch banking regulator to accommodate crypto services
Australian cryptocurrency barter Independent Reserve additionally accustomed the aforementioned authorization beneath the Payment Services Act. With this, Independent Reserve becomes the aboriginal Australian crypto barter to be accountant in Singapore.
These approvals added body on the country’s cachet as a crypto hub.
Two Companies Receive MAS Approval
Independent Reserve appear the official licensure approval in a statement on Friday. The aggregation was accustomed in Australia in 2013 and after broadcast to Singapore in backward 2019. It started ambience up its aboriginal across operations to accommodate agenda asset barter and OTC trading services.
DBS Bank also announced the approval in a abstracted account on Friday. “DBS Vickers now able to accommodate asset managers, institutional investors seamless admission DBS Agenda Exchange’s solutions,” it stated. According to the statement, the approval will acquiesce the aggregation to anon abutment asset managers and companies to barter in agenda acquittal tokens through DBS Agenda Exchange (DDEx). Eng-Kwok Seat Moey, Chair of the DBS Agenda Exchange, said that with the academic approval, DBSV is in a bigger position to abutment investors in agenda assets. “This marks addition cogent anniversary in our adeptness to accommodate chip solutions beyond the agenda asset amount chain, from accord alpha to tokenization, listing, trading, and custody.”, she additionally said.
Related Reading | DBS Bank Issues Digital Bonds in First Security Token Offering
CEO of Independent Reserve Adrian Przelozny additionally commented on the contempo approval. He said that Singapore’s adapted ambiance makes it easier to accommodate cryptocurrency casework to institutions absent to barter crypto.
Both DBS Vickers and Independent Reserve ahead accustomed MAS’ in-principle approvals to accommodate agenda acquittal badge casework in aboriginal August.
“Since accepting our in-principle approval, we’ve apparent an arrival of retail and institutional investors,” said Raks Sondhi, Managing Director of Independent Reserve in Singapore. He connected by adage “This authorization will acquiesce Independent Reserve to advance its advance in Singapore and assure investors of our candor and safety,”
The two firms add to efforts fabricated in Singapore to aggrandize cryptocurrency activities. The country is ramping up chip banking casework for bitcoin and added agenda assets.
Crypto Exchange Binance In Singapore
These approvals appear anon afterwards Binance announced in backward September that it would stop alms assertive casework to users in Singapore. Among these casework were authorization deposits, atom trading, the acquirement of cryptocurrencies through authorization channels, and aqueous swap.
Related Reading | Binance Ceases Spot Crypto Trading And Other Services In Singapore
The Monetary Authority had ahead added the barter to its investor active list, claiming that it was unlicensed. This account contains companies that do not accept the able licenses to accommodate acquittal casework in the country.
