Singapore is set to grant regulatory consent to a cryptocurrency exchange for the first time as the Asian city-state becomes a key battleground in the digital asset industry’s bid to woo watchdogs in global financial hubs.
Australian exchange Independent Reserve has secured an “in principle” approval from the Monetary Authority of Singapore that will allow it to offer digital payment token services.
The company is the first exchange to be granted formal permission to operate in Singapore out of about 170 applicants, including global exchanges Binance and Gemini.
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