The Monetary Authority of Singapore has issued an in-principle approval to crypto exchange Independent Reserve.
The Australia-based virtual asset service provider will be regulated under the Payment Services Act to operate as a provider for Digital Payment Token services in Singapore, it announced in a statement on Tuesday.
According to CEO Adrian Przelozny, the regulatory framework set out by the MAS made it possible to enter the market with greater confidence. «It provides certainty for us as industry participants and security for our customers, knowing that their chosen platform has passed the scrutiny of a world-class regulator,» Przelozny said in the announcement.
Regional Expansion
The exchange, established in 2013, embarked on its international expansion plans in late 2019, setting up its first overseas operations in Singapore to provide digital asset exchange and OTC trading services in the city state.
Operations in Singapore are led by Raks Sondhi, who joined in January 2020, bringing product, relationship and sales experience from stints at Bloomberg, RTS Realtime Systems, XinFin, Nomura and Lehman Brothers.
