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.

AccessTimeIconAug 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.

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.