The Monetary Authority of Singapore (MAS) has permitted DBS Vickers (DBSV) and Independent Reserve (IR) to offer cryptocurrency services. Singapore’s central bank, MAS has officially given a crypto green signal to DBS Bank’s brokerage arm (DBSV) and a CEX and OTC trading desk (IR).
The largest bank in Singapore and Southeast Asia, DBS Bank Ltd. has announced its brokerage arm, DBSV:
has received formal approval from the MAS under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.
DBS further explained:
This will enable DBSV, as a member of DBS Digital Exchange (Ddex), to directly support asset managers and companies to trade in digital payment tokens through Ddex.
DBS Digital Exchange’s crypto business, the bank states, is “growing very rapidly.”
Independent Reserve has also gained from the MAS a “licensure approval” or a “Major Payment Institution Licence in Singapore.” The IR exchange, founded in 2013 in Australia, offers fiat-to-crypto trading pairs in SGD, AUD, USD, and NZD. IR will now operate as a regulated Digital Payment Token Services organization in Singapore. This development makes Singapore the “first and only Australian virtual asset service provider available to retail and institutional investors in Singapore.” The MAS ensured compliance of IR with the stipulated standards pertaining to consumer protection, transaction screening, compliance structures, and IT services.
Headquartered in Singapore, DBS is a prominent financial services group in Asia, existing in 18 markets. Listed in Singapore, DBS operates in 3 prime Asian growth economies: Greater China, Southeast Asia and South Asia. The bank has earned stellar “AA-” and “Aa1” credit ratings that rank in the world’s highest.
About Independent Reserve
Founded in 2013, Independent Reserve is Australia’s prominent crypto order book exchange and OTC trading desk. Over 200,000 customers in Singapore, Australia and New Zealand trust the Independent Reserve for swift buying and selling of BTC, ETH, XRP, etc. IR provides AutoTrader, OTC trading desk, and API integration with utmost security.
About Singapore’s Major Payment Institution License
The said MAS licensure approval was given under the Payment Services Act to operate as a regulated Digital Payment Token Services institution.