Independent Reserve and DBS will now be able to provide more services in the Singapore market
Independent Reserve and DBS received a license from the Monetary Authority of Singapore (MAS). This document allows to officially provide cryptocurrency services. Independent Reserve became the first exchange from Australia to receive permission from the regulator. DBS is the brokerage arm of a Singapore bank.
It was important for the crypto exchange to get a license from MAS. Thanks to the document, the platform’s functionality is now available in the country, targeting both retail and institutional investors. As for DBS, the broker will be able to offer digital money trading services to companies and asset managers without intermediaries. In this case, the use of instruments is possible through the DDEx banking system, which was launched last year.
It should be noted that the two companies had previously received permission from the regulator to conduct transactions using digital payment tokens. According to the CEO of Independent Reserve, Singapore has created the most detailed and clear requirements among other Asian countries. Other countries, including Australia, should follow suit. Singapore has taken a careful approach to regulating the cryptocurrency sector, which, on the one hand, ensures transparency and, on the other hand, increases the number of people willing to work in the local market.It should be noted that many countries still do not have a clear legislative framework for digital money. This causes a lot of difficulties for exchanges and also contributes to shadow operations. For example, Australia still has no requirements for cryptocurrency exchanges, and it is very difficult for operators to provide services in this environment.
The Singapore government is slowly but deliberately moving to allow companies to operate legally, offering clients a full range of instruments. After receiving a license from the regulator, the exchange will be able to carry out transactions, tokenization and storage of cryptocurrency. In addition, such companies will be able to list on the Singapore exchange.
At the same time, MAS strictly makes sure that clients use the services of only reliable companies that provide security. Not so long ago, the regulator put the cryptocurrency exchange Binance in the list of platforms, activities with which may be dangerous. In addition to it, the document included companies that are not licensed by the regulatory authority of Singapore, but present themselves as permitted resources in the country. The list includes the international platform Binance, but the regulator has no claims to its subsidiary Binance Asia Services Pte. The fact is that the latter carries out activities on behalf of the exchange in Singapore, but at the same time has a local management and received a license from MAS.