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The Monetary Authority of Singapore (MAS) has granted a unit of DBS Bank and an Australian cryptocurrency exchange the right to provide digital payment token (DPT) services.

DBS Bank’s brokerage arm, DBS Vickers (DBSV), will now be able to support asset managers and companies who choose to trade in DPTs directly through its DBS Digital Exchange (DDEx). The Australian cryptocurrency exchange Independent Reserve will be able to offer local currency and cryptocurrencies services in Singapore.

According to Independent Reserve, the application for its license was subject to an examination by MAS to review its policies and procedures regarding customer protection mechanisms, transaction screening and compliance structures, as well as the robustness of its information technology services.

While positioning itself as a territory that is open to the idea of cryptocurrency investments, MAS ensures regulations remain strict. Earlier in September 2021, it asked Binance to stop providing payment services in Singapore.

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