Australia-based crypto exchange Independent Reserve has been licensed by the Monetary Authority of Singapore (MAS) to operate as a VASP.
According to the press release, the license will allow Independent Reserve to accelerate its growth in Singapore and provide services in accordance with local regulations. The exchange said:
“A well-regulated environment will benefit both investors and stakeholders in the crypto industry.”
The trading platform has also said it was one of the first VASPs to receive full permission to operate in Singapore.
Previously, the MAS included the Bitcoin exchange Binance on its Investor Alert List. The regulator stressed that it does not control its activities.
In early September, Binance announced it would ban the use of the Singapore dollar in platform transactions, as well as remove apps from the regional App Store and Google Play.
The CEO of the company, Changpeng Zhao, recommended that Singaporean clients use the Binance.sg platform, which is owned by Binance Singapore.