Monday, September 26, 2022

Singapore grants first regulatory in-principle approval to crypto exchange By Cointelegraph

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Singapore grants first regulatory in-principle approval to crypto exchange

Independent Reserve, an Australian crypto exchange founded in 2013, has become the first cryptocurrency exchange in Singapore to receive an “in-principle approval” to operate as a fully regulated virtual asset service provider (VASP).

In a letter from the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), the exchange was approved under the terms of the Payments Services Act, which came into effect in January 2020 and provides clear-cut rules and regulations for crypto exchanges and service providers seeking to operate locally. Since January, VASPs awaiting their applications’ approval have been permitted to continue to operate under the exemption.