Independent Reserve and DBS got crypto license from Singapore’s MAS Authority

Independent Reserve and DBS got crypto license from Singapore's MAS Authority 4

Australian crypto exchange & DBS bank’s subsidiary received license from MAS to operate their services under digital token payments Act.

Few months back, the Monetary Authority of Singapore (MAS) prepared its crypto license to issue for the crypto related services which want to operate their business under digital token payment services. 

Read also: Singapore’s MAS finalise 15 companies for retail CBDC development

On 1 October, the Monetary Authority of Singapore (MAS) issued licenses for two firms, to operate their operations under the digital payment token services Act. 

First one firm is the Australian crypto exchange Independent Reserve. Independent Reserve firm claimed that they became the first ever crypto firm to facilitate crypto services for fund managers & retail clients both together. 

Independent Reserve was founded in 2013, while it started its operation in Singapore by late 2019.

Adrian Przelozny, CEO of Independent Reserve, stated on this success to get license from MAS and said 

“There are real opportunities for Australia to learn from Singapore’s thorough approach to crypto industry licensing. Currently, there are no custodian requirements for digital asset exchanges in Australia,”

In addition, the DBSV firm also got a license from MAS on the same day. DBSV is a subsidiary of DBS Bank. DBSV will serve its services to those firms which are asset fund managers and companies which deal in crypto assets trading through the DBS Digital Exchange (DDEx). The main targeting assets of DBSV are only Bitcoin & Ethereum, which is the choice of most fund manager companies.

Eng-Kwok Seat Moey, DDEX chair, stated on this approval by MAS and said that this is a biggest achievement for the firm and this approval will give option to the company to offer different kinds of other facilities to their customers like tokenization, listing, trading and custody.

Read also: Iran resumes Bitcoin mining operations after 3 month ban

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