Independent Reserve is the first crypto exchange to receive an “in-principle approval” to operate as a fully regulated virtual asset service provider, according to a report by CoinTelegraph on Tuesday.
- In a letter from the Monetary Authority of Singapore (MAS), the exchange was approved under terms of the Payments Services Act and was implemented in January 2020.
- The Payments Services Act provides clear-cut rules and regulations for crypto exchanges and service providers looking to operate locally.
- Under the specific terms of the Singaporean framework, Independent Reserve has now been approved, allowing it to provide Digital Token Services.
- Singapore’s regulatory framework for exchange requires them to offer consumer protections and comply with Anti-Money Laundering measures.
- The future granting of Digital Payment Token licenses in Singapore will continue to ensure the city’s competition as a financial hub in Asia.
Alongside the regulatory clarity from MAS, Singapore’s popularity among crypto and blockchain developers has been accelerated by perceived geopolitical risks in Hong Kong. BTC USD down -1.78%.