Singapore’s DBS Bank Gets Approval from MAS to Offer Crypto Services to Asset Managers & Companies
Singapore’s DBS Bank is the latest to receive approval “in principle” from the Monetary Authority of Singapore (MAS) under the country’s Payment Services Act.
DBS Vickers, the bank’s brokerage arm, is the one that received the go-ahead from the country’s financial regulator to begin offering crypto services directly to companies and asset managers via its DBS Digital Exchange (DDex).
“We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year,” said Eng-Kwok Seat Moey, group head of capital markets at DBS, who also reported of “keen interest” among corporations and asset managers for access to crypto.
Earlier this month, cryptocurrency exchange Independent Reserve received the first such approval.
In 2019, the Payment Services Act was passed requiring all digital payment token service providers to operate. Since it came into effect in January last year, hundreds of applicants have applied for the license.