- Several crypto exchanges are awaiting their permit to provide crypto services in Singapore.
- From Monday, authorities in Singapore would allow the DSB bank’s crypto exchange to provide crypto services.
- Institutional investors will now be allowed to buy, store, and hold Bitcoin and other altcoins as announced by the MAS.
The crypto industry is booming as many institutional investors have considered the increasing regulations on crypto exchanges a positive sign. The value of Bitcoin has reclaimed key moving averages as the market seems to make it to $50k.
The Monetary Authority of Singapore has announced it has given a green flag to the DSB Bank’s crypto exchange to provide crypto services to the citizens of Singapore without any legal complications. This comes with great advantage to other crypto exchanges who are waiting for their approval.
The DSB Bank’s crypto exchange leads the way
The DSB Bank’s crypto exchange will now be able to implement strategies related to cryptocurrencies, as mentioned by the DBS Vickers (DBSV) in a clear declaration on Thursday. The license will give the authority to the DSB Bank’s crypto exchange, the DBS Digital Exchange, to aid fund managers.
The fund managers and institutional investors currently situated in Singapore were waiting for such an opportunity to further their investment goals and diversify their portfolios.
The increasing demand
In their statement, the bank had mentioned that they had experienced a surge in demand for crypto-related services from institutional investors. This led to the bank applying for the license and subsequently the construction of the DSB Bank’s crypto exchange, the DBS Digital Exchange.
Since another Australian exchange, the Independent Reserve, also received a similar license last week, we can expect the approval of other crypto exchanges in Singapore in due time.