Singapore Gives Crypto License to DBS Unit, Aussie Exchange
- DBS unit license seen as key to how MAS will regulate sector
- City-state is expanding its activities in cryptocurrency
The DBS Group Holdings logo displayed atop Tower 3 of the Marina Bay Financial Centre in Singapore.
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Singapore granted licenses to the brokerage arm of DBS Bank Ltd. and Australian cryptocurrency exchange Independent Reserve to offer digital payment token services, building on the city-state’s status as a crypto hub.
DBS Vickers received formal approval from the Monetary Authority of Singapore to provide digital payment token services as a major payment institution, it said in a statement on Friday. Australia’s Independent Reserve also received the same license, it said in a separate statement.