Independent Reserve Singapore welcomes the Monetary Authority of Singapore’s (MAS) new guidelines for Digital Payment Token service providers (DPTSPs). These measures aim to address potential harm to consumers and to ensure the safety of individuals engaging in cryptocurrency trading. We believe that these guidelines are a positive step towards fostering a more responsible and regulated cryptocurrency industry in Singapore.

The new approach towards assessing accredited investors’ net worth, which includes digital payment tokens, reflects a progressive integration into traditional financial systems. We are optimistic about the long-term impact and efficacy of these regulations towards fostering a secure and reliable crypto market.

In our view, the latest measures published by the MAS would further raise the bar for DPTSPs in Singapore and be an exemplary reference for other jurisdictions. 

The latest measures, which cement MAS’ earlier discussion points following significant engagement with the industry, establish a comprehensive and well-defined set of guidelines for the industry.

With the implementation and enforcement of these measures by regulated DPTSPs, investors can have confidence that their interests are prioritised – in contrast to unregulated or offshore entities operating within the same domain. 

As the first licensed crypto exchange in Singapore, we are proud to be part of the process and our contribution to these developments.