IR was the first to receive an “in-principle approval” (IPA) from MAS in August 2021 to provide DPT services, two years after establishing its presence in Singapore. The firm received its full approval two months after.
As Singapore imposes more stringent regulatory requirements on those offering crypto services, there are concerns that players no longer feel they should operate within the city-state. Only 11 players can provide digital payment token (DPT) services under the Monetary Authority of Singapore’s (MAS) Payment Services Act.
Crypto exchange platform Independent Reserve (IR) CEO Lasanka Perera says he has heard through the grapevine that numerous parties operating within the industry have expressed their intention to exit Singapore. “Commercial viability is assessed by any business that plans to enter any market. In Singapore, the robust regulations mean parties must be at the top of their game to comply with the set standards for everyone in the industry.”
