TL;DR Breakdown
- Around 170 cryptocurrency exchanges have been waiting for their approval request to operate in Singapore.
- The country has given an “in-principle approval” to an Australian crypto exchange called Independent Reserve.
- The approval of the exchange took place under the jurisdiction of the Payments Services Act implemented in the year 2020.
Around 170 of the world’s most prominent crypto exchanges have been waiting in line to get their approval to operate in Singapore. These exchanges can now get their hopes up high as Independent Reserve, and an Australian cryptocurrency exchange became the first to be approved.
The “in-principle approval” was mentioned in a letter released by the de facto central bank of the country known as the MAS or the Monetary Authority of Singapore. There are crystal clear crypto-related laws associated with the approval.
Independent Reserve approval with regulation
The Australian cryptocurrency exchange was approved under the application of the Payments Services Act that was implemented in the year 2020. The Act governs the regulation laws that must be followed by all the 170 cryptocurrency exchanges that are aiming for approval to operate from authorities.
Independent Reserve will now be operating as a Virtual Asset Service Provider in the country. As a VASP, the organization will be eligible to receive a Major Payment Institution Licence. With the help of this license, the exchange will be legally allowed to provide the distribution and exchange of assets.
Crypto growth in Singapore
Independent Reserve CEO Adrian Przelozny was asked the reason for choosing Singapore as the firm’s first stop for seeking approval. According to him, the country has a lot of potentials and favors a climate that is crypto-friendly.
There are plenty of potential investors and crypto enthusiasts who have cited Singapore as a favorable place for crypto exchanges and projects related to cryptocurrencies. Independent Reserve filed its approval request back in the month of April last year, and it seems that the other 170 exchanges might have their turn soon.