Singapore grants crypto licenses to DBS and Australian exchange Independent Reserve

The Monetary Authority of Singapore (MAS) today granted licenses to DBS Vickers (DBSV), the brokerage arm of DBS Bank, and Independent Reserve, an Australian cryptocurrency exchange, to provide digital payment token services under the Payment Services Act (PS Act).

  • Formal approval from MAS, which follows its earlier “in-principal approval” granted to both companies in August, allows DBSV and Independent Reserve to provide cryptocurrency trading services in the country, and puts them among the first few companies to have received such a license. Last month, FOMO Pay, a Singapore-based fintech, became the first company to receive the license.

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