Singapore's master fiscal regulator, the Budgetary Authority of Singapore (MAS), has officially canonical two companies to offer cryptocurrency services in the country.

MAS issued licenses to Australian crypto commutation 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 Deed), on Friday.

According to an announcement by Independent Reserve, the house became the first Australian cryptocurrency commutation available to retail and institutional investors in Singapore. Founded in Australia dorsum in 2022, the company started setting up its first overseas operations in Singapore in late 2022, offer digital asset exchange and over-the-counter trading services to people and institutions.

In a separate annunciation by DBS Bank, the house noted that the new license will enable DBSV to direct support asset managers and companies to merchandise digital payment tokens through DBS Digital Substitution (DDEx). Launched in December 2022, DDEx supports the trading of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), targeting only institutional investors.

Both DBSV and Contained Reserve previously received MAS' in-principle approvals to provide digital payment token services in early August.

Contained Reserve CEO Adrian Przelozny claimed that Singapore has the most detailed licensing requirements of any jurisdiction in Asia. "At that place are real opportunities for Commonwealth of australia to learn from Singapore's thorough approach to crypto industry licensing. Currently, there are no custodian requirements for digital asset exchanges in Australia," he added.

DDEx chair Eng-Kwok Seat Moey noted that the latest regulatory blessing marks another significant milestone to the company's power to provide a number of crypto-related services, including tokenization, listing, trading and custody. "Having received formal regulatory approval from MAS, DBSV is at present in a amend position to support institutional and corporate investors in borer into the growing potential of digital assets equally an investment course," she noted.

Related: Binance limits SGD product offerings in Singapore amidst regulatory warnings

The latest regulatory approvals come before long after Binance, the globe's largest crypto exchange, halted several production offerings on its platform in Singapore in early on September as MAS warned that the substitution could have been in breach of the country's PS Human action. Binance previously appeared on the regulator's investor alert list reflecting "unregulated persons who, based on information received by MAS, may accept been wrongly perceived as being licensed or regulated by MAS."