Singapore’s principal financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to offer cryptocurrency services in the country. MAS issued licenses to Australian crypto exchange Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services Act (PS Act), on Friday. According to an announcement by Independent Reserve, the firm became the first Australian cryptocurrency exchange available to retail and institutional investors in Singapore. Founded in Australia back in 2013, the company started setting up its first overseas operations in Singapore in late 2019, offering digital asset exchange and over-the-counter trading services to people and institutions.