Independent Reserve has been granted the in-principle approval to operate as a regulated provider for Digital Payment Token services. This is due, at least partially, to Singapore’s low tax rates and high levels of economic growth which have paved the way for an innovation hub.
It’s one of the first virtual asset service providers in Asia Pacific region that has been approved by MAS – The Monetary Authority Of Singapore which is responsible for regulating currency and money supply across country. To be one of the first cryptocurrency exchanges notified by MAS about their successful application process reflects how robust government policies are towards cryptocurrencies such enhancements will play pivotal role on shaping future regulations related with crypto assets around Globe.
The Monetary Authority of Singapore has been reviewing applications for digital payment token services providers and had 170 applicants as of July 26. There were 30 withdrawals after engagement with MAS, while two have been rejected so far.
Singapore has a lot of potential to become the global leader in finance and technology, as evidenced by their work with digital payment tokens. Singapore’s Senior Minister and Chairman of the Monetary Authority Tharman Shanmugaratnam said that 170 applicants have applied for licenses since January 2020—only two rejections!
Tharman also stated at Parliament on July 26, “So far we are very encouraged because before they can offer services they must contact MAS (Monetary Authority Of Singapore) first so our officers will tell them if you want an e-wallet licence or not? And then if it is approved after some time depending on what kind of business model you put up there may be other restrictions