Singapore grants first license for a cryptocurrency exchange

The Monetary Authority of Singapore (MAS) has issued a “Principal Letter of Approval” to the Australian cryptocurrency exchange Independent Reserve. Singapore’s first license for a crypto exchange exhibits how the federal government has put robust and quick guidelines in place on crypto exchanges to move regulatory checks in precept.

Singapore grants first license for a cryptocurrency exchange

Approval will come when the exchange begins acquiring a Primary Payments Institution License in Singapore underneath the Payment Services Act (PSA) to behave as a regulated supplier of token companies; Digital Payments (DPT). This exhibits the exchange’s regulatory approval for the Independent Reserve to turn out to be the nation’s official Virtual Asset Service Provider (VASP).

“Becoming one of many first crypto exchanges to be notified by MAS of our regulatory approval displays the robustness of our insurance policies, procedures and threat administration techniques that we’ve got utilized to our every day information. That mentioned Adrian Przelozny, Chief Executive Officer of the Independent Reserve.

Independent Reserve highlights its achievement of being the first exchange to obtain a basic itemizing license in a nation that has put in place a strict regulatory framework for the crypto business. The exchange argues that admission provides a safety firewall for each shoppers and the exchange itself.

“It gives us as industry participants security and our customers security and lets people know that their platform has passed the agency’s test. The issuance of a Digital Payments Token by MAS will further position Singapore as the leading financial center in Asia. ”Przelozny added.

Singapore’s watchdog, the Financial Action Task Force, has labored with the MAS to set robust and quick guidelines for crypto exchanges that attempt to move regulatory checks in precept. However, some billion greenback exchanges like Binance and Gemini are nonetheless ready. In order to make sure the anti-money laundering (AML) pointers within the crypto sector, the Singapore authority subjected the exchanges to prolonged checks. Exchanges are anticipated to determine buyer safety mechanisms underneath authorities supervision, observe strict transaction evaluate processes, present stable IT services and a compliant structural participant.

“We were impressed with the thoroughness of the licensing process and the level of detail required to ensure our systems and processes are robust,” mentioned Raks Sondhi, Managing Director of Independent Reserve in Singapore.

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