Singapore issues first” principled ” regulatory license for crypto exchange

The Monetary Authority of Singapore (MAS) issued a letter with “principled approval” of the Australian crypto exchange, an independent reserve. The approval comes as the exchange plans to license a major payment institution in Singapore under the Payment Services Act (PSA) to operate as a regulated provider of digital payment tokens (DPT) services. This, in turn, ensures independent approval by the regulatory authorities of the reserve fund as the country’s official provider of virtual asset services (VASP).

Independent Reserve CEO Adrian Pshelozny,” first reported by crypto currency exchanges to be one of our license mas confirmation about our daily activities that we apply to guide policies, procedures and risk management systems is a reflection of reliability, ” he said.

Independent reserve in favor of Singapore’s strict crypto regulation
The Independent Reserve highlights the success of the first exchange to receive an approval license in a country that primarily establishes a strict regulatory framework for the crypto industry. The exchange declares that, October, this claim adds to the firewall security, as well as consumers, price change.

“This provides security for us as industry participants and security for our customers knowing that their chosen platform has passed a world-class regulator test. The issuance of MAS licenses for digital payment tokens will ensure Singapore remains in a leading position as the leading financial centre in Asia, ” Pshelozny added.

The Singaporean watchdog, the financial activities task force along with Mas, has implemented tough and fast rules to pass crypto exchanges, mostly seeking to pass regulatory tests. But multibillion-dollar exchanges such as Binance and Gemini are still waiting. To ensure a money laundering (AML) policy in the cryptosphere, Singapore authorities conducted exchanges with tedious testing. Exchanges are expected to represent customer protection mechanisms:

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