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.

By Tanzeel Akhtar

Aug 2, 2021 at 2:46 p.m. UTC

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

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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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