Licenses are critical to cryptocurrency business models for more efficient money transfer. The central bank of Singapore, Monetary Authority of Singapore (MAS), has already approved two firms for the crypto license. The first one went to DBS. A number of South-East Asian countries as well as Singapore hold accounts with this bank. The second license went to Independent Reserve. This is a crypto exchange and OTC trading platform.
DBS is an international financial service and banking company. From 1968 to 2003, it was known as The Development Bank of Singapore Limited. Its headquarters are located in Marina Bay, Singapore. Bank of Singapore announced on Friday that the Payment Services Act 2019 has already been formally approved by MAS for DBS Vickers (DBSV).
DBSV is a trading platform for securities and derivatives. According to the bank, the approval will enable them to directly support asset managers and firms looking to trade digital tokens. (Tokens and Crypto Coins are both digital assets but Cryptocurrencies have their blockchain, and on the other hand, tokens require existing crypto blockchain).