In the same week that Gary Gensler, chair of the US Securities and Exchange Commission, sought additional powers to protect investors from “Wild West” cryptocurrency markets, Singapore was poised to grant regulatory consent to a cryptocurrency exchange for the first time.
Australia’s Independent Reserve has secured an ‘in-principle’ approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services. It was one of around 170 applicants to seek regulatory approval and it is widely expected that other exchanges will receive the green light in the coming months as the city-state seeks to position itself as a crypto-friendly business hub.
