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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.

Updated Sep 14, 2021, 1:34 p.m. Published Aug 2, 2021, 2:46 p.m.

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.

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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.

Singapore MAS Independent Reserve Crypto Licensing

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.