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Independent Reserve Receives Approval in Principle to Operate in Singapore

The digital currency exchange said the approval relates to becoming a regulated provider for digital payment token services.

Aug 2, 2021 at 2:46 p.m. UTC
Updated Sep 14, 2021 at 1:34 p.m. UTC

Independent Reserve, one of Australia’s largest cryptocurrency exchanges, received in principle approval from the Monetary Authority of Singapore (MAS) to operate digital payment token services.

  • The company said it received "in-principle approval" from MAS under Singapore’s Payment Services Act to operate as a regulated provider of services.
  • It said it is one of the first virtual asset service providers (VASPs) to receive in-principle approval for a major payment institution licence in Singapore.
  • In order to receive the license, VASPs have to make sure that proper due diligence, suitable solicitation and adequate risk disclosure are in place.

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