Independent Reserve, a digital asset trading platform, was approved by the Monetary Authority of Singapore to offer crypto services in the Asian city state. The regulator also approved the brokerage arm DBS Bank.
Independent Reserve Invades Singapore
A recent report claims that the MAS allowed the Independent Reserve, an Australian cryptocurrency platform, to offer digital payment token services in Singapore to institutional and retail investors.
The Monetary Authority of Singapore weighed several factors before approving its official approval. These included customer protection mechanisms, information technology transactions, screening and compliance structures.
Adrian Przelozny, CEO of Independent Reserve, expressed hope that Singaporeans will be able to trade digital assets “quickly” and “securely” after licensing. He also stated that the crypto ecosystem in Singapore provides enhanced protection for local investors.
Investors and stakeholders in the crypto industry will both benefit from a well-regulated environment. Singapore has the most specific and clearest licensing requirements for crypto industry. Independent Reserve, one of the first licensed crypto exchanges, is now available to Singaporeans. This allows them to use their SGD quickly and securely to enter and exit crypto.
Przelozny encouraged Aussies not to copy Singapore’s “thorough approach” to crypto industry licensing, reminding them that Australia does not have custodian requirements for its exchanges.
He concluded that “We would like to see,” and had been pressing for, local legislation that would support the industry and protect investors.
Adrian Przelozny, Source: Business Insider
DBS Vickers also got approved
The MAS, like Independent Reserve, also permitted DBS Vickers (DBSV), the brokerage arm DBS Bank, to offer digital asset services within Singapore’s borders.
DBSV has announced that it can now support asset managers and companies in trading digital payment tokens via the DBS Digital Exchange (DDEx) per an announcement. Eng-Kwok Sit Moey, Head of Capital Markets at DBS, Chair of DBS Digital Exchange – commented:
“Having been granted regulatory approval by the MAS, DBSV now has the ability to assist institutional and corporate investors in tapping into digital assets’ growing potential as an investment class. This is another important milestone in our ability provide integrated solutions throughout the digital asset value chain from deal origination through tokenization, trading, listing, and custody.
DBS’s approval is not surprising, considering that the MAS approved the move in August. Moey had hoped that the initiative would benefit the city-state back then.
“This will help Singapore achieve its ambitions of becoming a digital asset center in Asia.”
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