Institutional and retail investors alike in Singapore can now take advantage of the cryptocurrency-oriented services being provided in the country thanks to DBS Vickers and Independent Reserve, which is a venue for digital asset trading.
The MAS (Monetary Authority of Singapore) had granted approval to Independent Reserve regarding its being able to offer cryptocurrency services. Moreover, the MAS had additionally approved DBS Bank’s brokerage extension as well.
Singapore gets invaded by Independent Reserve
As per the most recent reports, the MAS had, in fact, allowed Independent Reserve (which is based in Australia) to provide the aforementioned services to the various investors situated in Singapore. Prior to granting the approval, however, the MAS had taken into account numerous factors like screening, compliance structures, customer protection measures and mechanisms, transactions centred around information technology services, and more.
Adrian Przelozny, the CEO of Independent Reserve, remains confident that following the granting of the license, the country’s citizens can become readily involved with various digital assets in both a fast as well as secure fashion. He then stated that the nation’s cryptocurrency ecosystem offers domestic investors additional protection that is being enhanced in order to guarantee consumer safety. Having an environment that is well-regulated shall benefit both the cryptocurrency industry stakeholders and the investors, he added.
The approval has also been granted to DBS Vickers
DBS Vickers had also been granted approval by the MAS as abovementioned. This is DBS Bank’s brokerage arm, so to speak, and its main objective is to offer digital asset services to everyone within Singapore. Furthermore, DBS Vickers is now also allowed to support the companies and asset managers directly in order to trade with the digital payment tokens via the DDEx (DBS Digital Exchange).
Eng-Kwok Seat Moey stated that DBS Vickers is certainly in a much better position now in terms of being able to support the corporate and institutional investors and help them to access various digital assets and that this position has only been strengthened thanks to the formal regulatory approval granted by the MAS. The DBS Digital Exchange Chair and DBS Capital Markets Head also stated that through this development, a truly significant milestone had been reached by DBS Vickers as it continuously strives to discover new ways of offering integrated solutions pertaining to tokenization, custody, trading, and listing. As a matter of fact, Moey had even gone as far as to say that if all goes well, then Singapore could most definitely become one of the biggest digital asset hubs across the entire continent.
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