Cryptocurrency exchange Independent Reserve approved to offer digital token service in Singapore

Around 170 applicants have sought permission to provide digital payment token services in Singapore.

The Monetary Authority of Singapore has given cryptocurrency exchange Independent Reserve “principal approval” under the Payment Services Act, allowing it to operate as a regulated provider of digital payment token services. According to a company statement, it is one of the first virtual asset service providers to receive the principal approval letter for a major payment institution license in Singapore.

“Being one of the first cryptocurrency exchanges to be notified by MAS of our principal licensing approval is a reflection of the robustness of our policies, procedures and risk management systems that we have put in place to guide our day-to-day lives.” Adrian Przelozny, Chief Executive Officer of the Independent Reserve, said in the statement. “It provides certainty in the form of security for us industry participants and for our customers.”

Several applicants were in the final stages of review to obtain licenses to operate as Digital Payment Token Services Providers, said Tharaman Shanmugaratnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore, in response to a question in Parliament on 26 July. said in.

About 170 applicants applied to provide digital payment token services since the introduction of the Payment Services Act in January 2020. Thurman said at the time, 30 applications have been withdrawn after engagement with MAS while two were rejected. He said that around 90 service providers are working under exemption from holding licence.

Responding to questions from Bloomberg a few weeks ago, the regulator said applicants “will be subject to close scrutiny in the licensing process and ongoing supervision by MAS.” Founded in Australia in 2013, Independent Reserve began its international expansion plans in late 2019, establishing its first overseas operation in Singapore to provide digital asset exchange and OTC trading services to individuals and institutions in Singapore.

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