Visitor speaks with security officers at the building of Singapore's Monetary Authority of Singapore Thomson ReutersAccording to a Financial Times report, Singapore has taken the first steps in formalizing crypto-exchanges. This is because the crypto-curious city state benefits from the exodus of China.Independent Reserve, an Australian crypto exchange, is the first to be granted the formal go-ahead. There are still over 100 applications on the MAS docket.One Singapore-based exchange operator said that Singapore has been the subject of a lot of industry interest since China's crypto crackdown made many people wary about establishing roots in Hong Kong.Subscribe to our daily newsletter 10 Things Before The Opening Bell.According to a Financial Times report, Singapore has taken the first steps in formalizing crypto-exchanges. This is because the crypto-curious city state benefits from the exodus of China.Independent Reserve, an Australian crypto exchange, has been granted "in principle" approval by the Monetary Authority of Singapore. Binance and other crypto exchanges have been granted temporary exemptions from providing services. Independent Reserve, however, is the first recipient of the formal approval. There are over 100 applications still on the MAS docket.One person from a crypto exchange said to the FT, "Now everyone is curious who will get approval next."One Singapore-based exchange operator said that Singapore has been the subject of a lot of industry interest since China's crypto crackdown made many people wary about establishing roots in Hong Kong.He said that many of his customers were concerned about Chinese officials attempting to seize their assets stored in offline vaults.The city-state has been welcoming to crypto investments in the wake of the "China overhang".Raks Sondhi (Managing Director of Independent Reserve Singapore) told the FT that "all eyes are on Singapore"He explained that the MAS's determination to ensure consumer protections and money laundering controls was responsible for the slow pace at which regulatory approvals were granted. Singapore, for example, has made it mandatory that crypto firms share personal information of all customers who make transactions exceeding a certain amount. This is known as the "travel rule."
