Cryptocurrency Exchange Independent Reserve Gets Singapore Nod on Digital Token Services

Around 170 applicants in Singapore have sought permission to provide digital payment token services.

By Joanna Ossinger, Bloomberg | Updated: 3 August 2021 18:08 IST

Cryptocurrency Exchange Independent Reserve Gets Singapore Nod on Digital Token Services

It’s one of the first virtual asset service providers to obtain an in-principle approval letter

Highlights

Around 170 applicants sought to provide Digital Payment Token services
Applicants will be subject to close scrutiny in the licensing process
Independent Reserve embarked on its international expansion plans in 2019

The Monetary Authority of Singapore has granted an “in-principle approval” under the Payment Services Act to cryptocurrency exchange Independent Reserve, allowing it to operate as a regulated provider for Digital Payment Token services.

It's one of the first virtual asset service providers to obtain an in-principle approval letter for a Major Payment Institution License in Singapore, according to a statement from the company.

“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licensing approval is a reflection of the robustness of the policies, procedures, and risk management systems that we have put in place to guide our day-to-day operations,” Adrian Przelozny, chief executive officer of Independent Reserve, said in the statement. “It provides certainty for us as industry participants and security for our customers.”

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Several applicants were in the final stages of review for getting a license to operate as digital payment token service providers, Singapore's Senior Minister and Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam said in reply to a question in parliament on July 26.

Around 170 applicants have applied to provide digital payment token services since the commencement of the Payment Services Act in January 2020, Tharman said at the time, adding that 30 applications have been withdrawn after engagement with MAS while two had been rejected. Around 90 service providers are operating under an exemption from holding a license, he said.

Applicants will be “subject to close scrutiny in the licensing process and ongoing supervision by MAS,” the regulator said in response to queries from Bloomberg some weeks ago.

Established in Australia in 2013, Independent Reserve embarked on its international expansion plans in late 2019, setting up its first overseas operations in Singapore to provide digital asset exchange and OTC trading services to people and institutions in Singapore.

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Further reading: Cryptocurrency, Independent Reserve, digital payment token, Cryptocurrency Exchange