MAS grants crypto licences to DBS and Australian exchange; more licences expected to be issued

SINGAPORE – DBS Bank on Friday (Oct 1) became the first bank to obtain a Singapore licence to offer digital payment token services, while Australian cryptocurrency exchange Independent Reserve became the first foreign entity to be granted one.

Industry observers expect more such licences under the Payment Services Act (PS Act) to be rolled out in the coming months as the Monetary Authority of Singapore (MAS) recently gave their “in-principle” approval to several applicants.

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