03/08/21

SINGAPORE: Regulator Allows Crypto Exchange to Offer Digital Payment Token Services.

As published on finance.yahoo.com, Tuesday 3 August, 2021.

Singapore has taken another step towards securing its position as the region’s fintech hub with the in-principal regulatory approval of digital token payment services for a crypto exchange.

The Monetary Authority of Singapore (MAS) has granted an “in-principle approval” to cryptocurrency exchange Independent Reserve allowing it to operate as a regulated provider for digital payment token services.

Singaporean financial regulators classify digital payment tokens as any “cryptographically-secured digital representation of value that is used or intended to be used as a medium of exchange.”