Monetary Authority of Singapore Digital Token Trading License
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Monetary Authority of Singapore Grants Digital Token Trading License

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Monetary Authority of Singapore Grants Digital Token Trading License

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Singapore financial regulator! Hello members!

After a few weeks ago, we were read unpleasant news regarding crypto regulations in China and the Evergrande Group case that caused crypto prices to “bleed”, there is good news coming from our neighbor, Singapore.

So, the primary financial regulator in Singapore, the Monetary Authority of Singapore or commonly abbreviated as MAS, has officially approved two companies to offer digital payment token trading services under the Payment Services Act in Singapore.

This license comes shortly after Binance, stopped some product offerings in Singapore in early September because MAS warned that the exchange could violate Singapore law. So, here are the two companies that grants license from MAS.

The first company is Independent Reserve. Founded in 2013 by Adam Tepper and Adrian Przelozny, the first Australian crypto exchange company is available to retail and institutional investors in Singapore. Well, the Independent Reserve started to expand to Singapore at the end of 2019.

The second company is DBS Vickers (DBSV). DBS Vickers is a securities company that is a subsidiary of DBS Bank. With this new rule, DBS Vickers can directly trade digital payment tokens via DDEx. As additional information, DBS Digital Exchange (DDeX) was launched in late 2020. Initially, DDEx supported trading of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) but targeted only institutional investors.

After reading the article above, we can flashback to the news about JP Morgan and Bank of America a few months ago. do you think our government will allow securities and banks to become places for buying and selling cryptocurrencies in a few years? Please write your opinion in the comments section below.

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