Crypto Exchanges Gets MAS’ Nod on Digital Token Services

The Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority of Singapore, has decided to grant digital payment service providers licence to operate in the country, following the Australian crypto exchange Independent Reserve having secured the authority’s approval to operate as a regulated provider.

Independent Reserve stated that it was one of the first virtual asset service providers to receive such approval in Singapore. Reportedly, applicants are supposed to carry out measures to meet MAS’ requirements to acquire the crypto payment services license.

Moreover, it is reported that enabling cryptocurrency exchanges to operate in Singapore is a significant part of the country’s strategy to be friendly to businesses. And the exchanges may be only the first step in the development of a thriving crypto-ecosystem in the heart of Southeast Asia.