Singapore Approves First ‘In-Principle’ Digital Currency Licence
Posted by Colin Lambert. Last updated: August 9, 2021
Australian cryptocurrency exchange Independent Reserve says it has become the first business to receive ‘in-principle’ approval for a Major Payment Institution Licence in Singapore from the Monetary Authority of Singapore (MAS).
The approval comes under the Payment Services Act to operate as a regulated provider for digital payment token services.
Independent Reserve set up its first overseas operations in Singapore in 2019 to provide digital asset exchange and OTC trading services to people and institutions in that country, according to the fim’s CEO Adrian Przelozny, the local regulatory framework set out by the MAS made it possible to enter the market with greater confidence.
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licencing 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,” Przelozny says. “It provides certainty for us as industry participants and security for our customers, knowing that their chosen platform has passed the scrutiny of a world-class regulator. The granting of digital payment token licences by MAS will continue to put Singapore in pole position as the leading financial hub in Asia.”