(Cointelegraph) Singapore has granted the Independent Reserve, an Australian crypto exchange, an “in-principle approval” to operate as a regulated virtual asset service provider.
The approval by the Monetary Authority of Singapore means the Independent Reserve is now set to receive a Major Payment Institution License, allowing it to offer Digital Payment Token Services.
Independent Reserve chief executive Adrian Przelozny says the licensing process by MAS gives certainty for the industry and security to the customers.
Singapore has been lauded for being crypto friendly, with the Independent Reserve now becoming the first crypto exchange to get the “in-principle approval.”
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