Singapore Financial Authority clears independent reserve and DBS
According to an announcement from Independent Reserve, the company has become the first Australian cryptocurrency exchange available to retail and institutional investors in Singapore. Founded in Australia in 2013, the company began setting up its first overseas operations in Singapore in late 2019, offering digital asset exchange and OTC trading services to individuals and institutions. MAS on October 1 issued licenses to the Australian Independent Reserve cryptocurrency exchange and to DBS Bank’s brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services Act (PS Act).
DBSV and Independent Reserve both already received MAS approvals in principle to provide digital payment token services in early August.
In a separate announcement from DBS Bank, the company noted that the new license will allow DBSV to directly help asset managers and businesses exchange digital payment tokens through DBS Digital Exchange (DDEx). Launched in December 2020, DDEx supports trading of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), targeting institutional investors only.
Independent Reserve CEO Adrian Przelozny said Singapore has the most detailed licensing requirements of any jurisdiction in Asia. âThere are real opportunities for Australia to learn from Singapore’s in-depth approach to licensing the crypto industry. Currently, there are no depository requirements for digital asset exchanges in Australia, âhe added.
DDEx Chairman Eng-Kwok Seat Moey noted that the latest regulatory approval marks another milestone in the company’s ability to provide a number of crypto-related services including tokenization, listing, trading. and custody. âHaving received formal regulatory approval from MAS, DBSV is now in a better position to help institutional investors and businesses harness the growing potential of digital assets as an investment class,â she noted.
Related: Binance Limits SGD Product Offerings In Singapore Amid Regulatory Warnings
The latest regulatory approvals come shortly after Binance, the world’s largest crypto exchange, halted several product offerings on its platform in Singapore in early September, as MAS warned that the exchange could have been in operation. violation of the country’s PS law. Binance was previously on the regulator’s investor alert list reflecting “unregulated persons who, based on information received by MAS, may have been mistakenly perceived to be licensed or regulated by MAS.”
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