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Singapore’s Central Bank Approves Request



Singapore’s Central Bank Approves Request

Following an initial request, the Singapore’s Central Bank has granted a preliminary approval to the cryptocurrency exchange,, in providing crypto services in the country as per a post.

The latest approval issued to is the second of its kind to be given to a cryptocurrency exchange within a couple of two days. 

Recall that the United States based cryptocurrency exchange, Coinbase, was offered operational license on October 11 to commence Digital Payment Token (DPT) services in the city-state. 

With the subsequent recognition of exchange in the country, Singapore has now become a growing crypto hub. 

Speaking on the development, CEO and co-founder Peter Smith exalted the country’s regulatory commission for embracing innovation and supporting digital asset growth.

He equally acknowledges that Singapore has a direct regulatory commission, which has reflected in the emergence of many cryptocurrency exchanges in the country. 

In this regard, digital asset platform Anchorage Digital co-founder and president Diogo Monica remarked that Singapore’s regulatory environment is one of the appealing qualities that attract the firm to the country. 

Monica further stressed that the absence of clear-cut regulations in the United States is one of the reasons why digital assets growth is not really festering. 

More Licenses from Singapore’s Central Bank

Singapore’s Central Bank Approves Request

Singapore has continued to distinguish itself as a crypto-friendly country. In August, 2022, Singapore issued the first preliminary approval for the DPT license to crypto exchange Independent Reserve. 

Speaking on the landmark, Independent Reserve CEO Andrian Przelozny expressed positivism and harped on the fact that Singapore is one of the most friendly countries for cryptocurrency. 

Given that Coinbase has also been recognized by the Monetary Authority of Singapore (MAS) to commence operation, the exchange CEO in Singapore Hassan Ahmed stated that the country will soon become a crypto hub in Asia and the world. 

Ahmed also expressed readiness to work with local industry with a view to strengthening regulations around digital assets. 

As of now, Singapore has issued 18 in-principle approval for DP platforms in accordance with the Payment Services Act.