MAS grants DBS brokerage arm crypto licence
The monetary authority also granted one to an Australian firm.
The Monetary Authority of Singapore (MAS) has given its approval for DBS Vickers to provide digital payment token (DPT) services.
This is just one of two crypto licence MAS handed out this Friday.
This will enable DBSV, as a member of DBS Digital Exchange (DDEx), to directly support asset managers and companies to trade in digital payment tokens through DDEx.
“Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class. This marks another significant milestone in our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenisation, listing, trading and custody. We believe that DBSV’s licence, coupled with recent enhancements to DDEx such as round the-clock operations since August, could add to DDEx’s volumes in the coming months and accelerate growth momentum for DBS’ digital asset ecosystem,” Eng-Kwok Seat Moey, head of capital markets at DBS and chair of the DBS Digital Exchange said.
Since its launch last December as a members-only bourse, DDEx has seen good demand from clients, including corporate and institutional investors, accredited individuals, and family offices. It expects to double the number of participants on DDEx to 1,000 and to grow its base by 20-30% annually for the next three years as investments in digital tokens gain greater acceptance.