“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.”
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 is 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.
