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.

Please subscribe or log in to continue reading the full article.

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

Join ST’s Telegram channel here and get the latest breaking news delivered to you.

Source: Read Full Article