Singapore Gives First-Ever Formal Approval to Crypto Exchange: FT

(AF) Australian cryptocurrency exchange Independent Reserve has been given “in principle” regulatory backing by the Monetary Authority of Singapore, the Financial Times reported.

While the central bank has given exemptions for rival exchanges such as Binance to operate in the city, this would be the first formal approval, the report stated. Singapore has taken a soft line on crypto activities compared to its Asian peers as it seeks to become a fintech hub, the report added. Full report: Financial Times       

Also on AF: Singapore’s GIC Pumps $240m into Arctic Green Energy Expansion Plans

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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