Singapore issues first “in-principle” regulatory license to a crypto exchange

The Monetary Authority of Singapore (MAS) has given an “in-principle approval” letter to the Australian crypto exchange, Independent Reserve. The approval comes as the exchange set out to get a Major Payment Institution Licence in Singapore under the Payment Services Act (PSA) to operate as a regulated provider for Digital Payment Token (DPT) Services. This in turn provides Independent Reserve regulatory approval to serve as the country’s official virtual asset service provider (VASP).
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licensing approval is a reflection of the robustness of the policies, procedures, and risk management systems that we have put in place to guide our day-to-day operations.”, said Adrian Przelozny, CEO of Independent Reserve.
Independent Reserve in favor of Singapore’s Strict crypto regulations
Independent Reserve highlights its achievement of being the first exchange to get an in-principle approval lice

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