Singapore gives cryptocurrency licences to DBS unit, Australia’s Independent Reserve

The companies received formal approval from Singapore’s central bank to provide digital payment token services as a major payment institution

The approval for Southeast Asia’s largest lender is seen as key to show how the MAS will regulate a sector that’s seen as risky and open to money laundering

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The approvals add to Singapore’s expanding activities in cryptocurrency. Photo: AFP

Published: 4:40pm, 1 Oct 2021Updated: 10:29pm, 1 Oct 2021

Singapore has granted licences 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.

Independent Reserve also received the same licence, it said in a separate statement.

The two firms add to Singapore’s expanding activities in cryptocurrency as the island ramps up integrated financial services for bitcoin and other major digital assets such as trading, listing, tokenisation and custody.

The approval for Southeast Asia’s largest lender is seen as key to show how the MAS will regulate the sector that’s seen as risky and open to money laundering.

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