IG Group Holdings Acquires Independent Reserve on MAS Approval

IG Group Holdings, a leading company in online trading and investment services, has completed its acquisition of the Australian cryptocurrency exchange Independent Reserve. According to the announcement, this follows approval from the Monetary Authority of Singapore (MAS). 

IG Group Expands Into the Digital Asset Market

Notably, the deal is worth AUD 178 million and was first announced in September. This marks a significant step for IG Group to expand into the global digital asset market. The acquisition also strengthens IG Group’s presence in the fast-growing cryptocurrency sector, especially in the Asia-Pacific and Middle East regions. 

Independent Reserve is one of Australia’s reputable cryptocurrency exchanges, known for its strong compliance, security, and reliable trading platform. With MAS approval granted, the deal shows increasing regulatory clarity and confidence in the digital asset market.

The company plans to launch a cryptocurrency trading service powered by Independent Reserve for customers in Singapore, Australia, and the United Arab Emirates later this year. This new service will combine Independent Reserve’s technology with IG Group’s extensive reach, risk management skills, and large customer base.

Singapore Strengthen Crypto Market Oversight

Last year, the Monetary Authority of Singapore asked all crypto companies without a Digital Token Service Provider (DTSP) license to stop offering services. This step is part of the country’s continued efforts to tighten its regulatory oversight. Furthermore, the new directive is poised to ensure better protection for retail investors in the growing digital asset space.

According to the MAS, crypto firms that have received in-principle approval under the Payment Services Act may continue to offer their services to overseas clients. However, those still waiting for approval must stop such operations immediately.

The crackdown comes when digital use is becoming more common in Singapore due to clear rules for digital finance. In May 2025, Franklin Templeton got approval from MAS to launch a tokenized money market fund for regular investors in Singapore. This shows the government is embracing blockchain in traditional finance.

Singapore Attracts Crypto Businesses

It is worth noting that other players in the crypto industry, including BitGo, Crypto.com, Coinbase, and Ripple, have also made significant strides in the Singaporean market. BitGo, a crypto custody business, received in-principle approval from the MAS, aligning with the growing trend of established crypto firms in the region.

On the other hand, Circle has revealed a collaboration with Grab Singapore to expand its presence in the region. Additionally, Ripple Labs also confirmed getting a Major Payment Institution (MPI) license from the authorities in the city-state.