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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.

The DBS Group Holdings logo displayed atop Tower 3 of the Marina Bay Financial Centre in Singapore.

Photographer: Ore Huiying/Bloomberg
Updated on

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.