Singapore grants first regulatory in-principle approval to crypto exchange
Cointelegraph
Published Aug 03, 2021 06:31AM ET
Updated Aug 03, 2021 08:20AM ET
Independent Reserve, an Australian crypto exchange founded in 2013, has become the first cryptocurrency exchange in Singapore to receive an “in-principle approval” to operate as a fully regulated virtual asset service provider (VASP).
In a letter from the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), the exchange was approved under the terms of the Payments Services Act, which came into effect in January 2020 and provides clear-cut rules and regulations for crypto exchanges and service providers seeking to operate locally. Since January, VASPs awaiting their applications’ approval have been permitted to continue to operate under the exemption.
Continue Reading on Coin Telegraph
Get The News You Want
Written By: Cointelegraph
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.