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Singapore gives green light to two cryptocurrency exchanges to offer their services

Singapore gives green light to two cryptocurrency exchanges to offer their services

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Answer Singapore gives green light to two cryptocurrency exchanges to offer their services

Two cryptocurrency exchanges have received approval from the Monetary Authority of Singapore (MAS) to provide cryptocurrency services in the Asian country of Singapore.

Among the entities that got the green light to practice their crypto-related activities is the brokerage arm of DBS Bank.

Singapore allows crypto to expand:

According to report Recently, the Monetary Authority of Singapore (MAS) enabled the Independent Reserve platform to offer its crypto-related services to individual and institutional investors in Singapore.

Before giving its formal approval, the Monetary Authority of Singapore considered several factors such as customer protection mechanisms, IT service transactions, and examination of compliance structures.

Read:For every speculator and investor: 5 lessons learned from the cryptocurrency market

Adrian Berzozny, CEO of Independent Reserve, raised hopes that after licensing, Singaporeans would be able to deal with cryptocurrencies quickly and safely.

He added that Singapore’s cryptocurrency ecosystem offers local investors enhanced protection, as his statement read as follows:

A well-regulated environment will benefit investors and stakeholders in the crypto industry.

This is done through rules designed specifically for the cryptocurrency industry.

Singapore has the most clear and detailed licensing requirements of any jurisdiction in Asia.

Now, Independent Reserve is one of the first fully licensed cryptocurrency exchanges available to Singaporeans, allowing them to quickly and securely use Singapore SGD to get in and out of cryptocurrency.

Berzozny urged Australians to take an example from Singapore’s comprehensive approach to licensing the crypto industry, recalling that there are no guardianship requirements on exchanges in Australia.

He concluded his speech by saying:

We would like to see, and we continue to push for the introduction of appropriate legislation locally that will support the industry and provide protection for investors.

Like the Independent Reserve platform, the Monetary Authority of Singapore (MAS) has also allowed DBS Vickers, the brokerage arm of DBS Bank, to offer cryptocurrency trading services within Singapore’s borders.

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According to the announcement, DBSV can now directly support asset managers and companies to trade in digital payment tokens through the DBS Digital Exchange (DDEx) platform.

The approval of the platform for the arm of the bank, “DBS”, does not come as a surprise, as the Monetary Authority of Singapore (MAS) had previously given preliminary approval for the platform last August.

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