Reshab AgarwalCrypto License is essential for cryptocurrency business models for more efficient money transmitting. And Monetary Authority of Singapore (MAS) which is the Central Bank of the country, has already approved two firms for the crypto license. The first license went to DBS. It is one of the largest banks in Singapore as well as parts of South-East Asia. And the second license went to Independent Reserve. It is a platform for crypto exchange and the OTC trading desk.
Image source:- Central Banking
Central Bank of Singapore gives Crypto License to DBS and Independent Reserve.
DBS is an international financial service and banking corporation. It was formerly known as The Development Bank of Singapore Limited from 1968 to 2003. And DBS has their headquarters in Marina Bay, Singapore. DBS Bank announced on Friday that its subsidiary, DBS Vickers (DBSV), has already received formal approval from MAS under the Payment Services Act 2019.
DBSV is a securities and derivatives platform for trading. The bank explains that the approval will enable them to directly support asset managers and firms to start trading in digital tokens. (Tokens and Crypto Coins are both digital assets but Cryptocurrencies have their blockchain, and on the other hand, tokens require existing crypto blockchain).
The Bank says that since the launch of DBS Digital Exchange in December, it has been growing rapidly. They also expect that number of trading members will double by the end of December. It will also see a growth rate of 20-30 per cent annually for three consecutive years.
Image source:- Forbes
The second license went to Independent Reserve which is a cryptocurrency Exchange firm based in Australia. Moreover, it is one of the most trusted cryptocurrency exchange platforms. The firm also shared the same news on Friday about getting approval from MAS. The platform provides AUD, USD, SGD as well as NZD fiat-to-crypto trading pairs. The CEO of the firm, Adrian Przelozny, says that a well-organized environment will surely benefit both investors as well as stakeholders. He also feels that Singapore has the most exact licensing requirements of any jurisdiction in the whole continent of Asia.
Existence of Cryptocurrency in Singapore
Cryptocurrency trading is completely legal in Singapore. China being one of the countries of Asia, has banned Cryptocurrency Exchange completely. On the other hand, Singapore has just started giving out licenses to corporates for cryptocurrency exchange. They have been friendly regarding cryptocurrency, but the MAS didn’t forget to warn its citizens about crypto’s risks.
What are your thoughts on Singapore MAS giving crypto licenses to firms like DBS and Independent Reserve? What are your opinions regarding their decisions? Let us know in the comments section below. And if you find that the content was helpful, then like and share it with your friends.
Also read: Uzbekistan warns users to stay away from unlicensed crypto exchanges.