Cryptocurrency Trade in Singapore Receives Nod for Electronic Token Providers

The Monetary Authority of Singapore has granted an “in-basic principle approval” beneath the Payment Providers Act to cryptocurrency exchange Independent Reserve, letting it to work as a controlled service provider for Electronic Payment Token solutions.

It’s just one of the very first digital asset provider vendors to receive an in-principle approval letter for a Significant Payment Establishment License in Singapore, according to a statement from the organization.

“To be a person of the initial cryptocurrency exchanges to be notified by MAS of our in-theory licensing acceptance is a reflection of the robustness of the insurance policies, strategies, and threat administration units that we have place in place to tutorial our day-to-day operations,” Adrian Przelozny, chief executive officer of Independent Reserve, mentioned in the assertion. “It delivers certainty for us as field participants and security for our prospects.”

Numerous applicants were in the ultimate levels of evaluate for having a license to work as digital payment token provider suppliers, Singapore’s Senior Minister and Chairman of the Financial Authority of Singapore, Tharman Shanmugaratnam reported in reply to a question in parliament on July 26.

All around 170 applicants have applied to offer digital payment token services due to the fact the commencement of the Payment Companies Act in January 2020, Tharman explained at the time, including that 30 purposes have been withdrawn soon after engagement with MAS although two had been rejected. Close to 90 company companies are running less than an exemption from keeping a license, he said.

Candidates will be “subject to shut scrutiny in the licensing system and ongoing supervision by MAS,” the regulator mentioned in reaction to queries from Bloomberg some weeks back.

Recognized in Australia in 2013, Independent Reserve embarked on its global expansion programs in late 2019, environment up its first abroad functions in Singapore to offer electronic asset exchange and OTC buying and selling services to persons and institutions in Singapore.

© 2021 Bloomberg LP

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