The Monetary Authority of Singapore (MAS) – the financial regulator of the nation – has reportedly granted official greenlight for two firms to introduce crypto offerings locally. 

Specifically, MAS reportedly granted regulatory greenlight in the form of a license to Australia-based crypto exchange Independent Reserve and DBS Bank’s brokerage division – DBS Vickers (DBSV) – making it possible for the entities to roll out digital payment token offerings, in compliance with the Payment Services Act (PS Act). 

As revealed by the Independent Reserve, the company reportedly took the pioneering spot as the first crypto exchange entity from Australia, catering to retail and institutional investors in Singapore. 

Established in Australia in 2013, the firm reportedly began forming its first office outside its country in Singapore two years ago, introducing digital asset exchange and over-the-counter trading services to people and institutions.

In an announcement note from DBS Bank, the company revealed that the freshly obtained license will give DBSV the freedom to directly assist asset managers and establishments, regarding the trading of digital payment tokens, via DBS Digital Exchange (DDEx).

Rolled out in December last year, DDEx reportedly offers facilitating features for the trading of major crypto coins, nominally Bitcoin (BTC) and Ether (ETH), planning to cater primarily to institutional investors.

Both DBSV and Independent Reserve have reportedly been at the receiving end of MAS’ in-principle authorization in the past, to offer digital payment token services in early August.

“There are real opportunities for Australia to learn from Singapore’s thorough approach to crypto industry licensing. Currently, there are no custodian requirements for digital asset exchanges in Australia,” Head of Independent Reserve Adrian, Przelozny, further remarked regarding the development.