SYDNEY, Oct. 1, 2021 /PRNewswire/ -- Cryptocurrency exchange Independent Reserve has today received approval for a Major Payment Institution Licence in Singapore, making it the first and only Australian virtual asset service provider available to retail and institutional investors in Singapore.
The approval was granted following a rigorous review of Independent Reserve by the local regulator, the Monetary Authority of Singapore, focused on customer protection mechanisms, transaction screening and compliance structures, as well as information technology services.
CEO Adrian Przelozny said he was delighted to receive the approval and proud that an Australian company had been selected, beating over 170 global exchanges to receive the coveted licence. He added Singapore's well-regulated environment would allay investor protection concerns around the safe custody of assets, KYC requirements, and market manipulation - making it easier to provide cryptocurrency services to retail and institutional investors that wish to trade digital assets.
"A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade rules for the crypto industry, Singapore has the clearest and most detailed licensing requirements of any jurisdiction in Asia. And now, Independent Reserve is one of the first fully licensed crypto exchanges available to Singaporeans, enabling them to quickly and securely use their SGD to get in and out of crypto," he said.
"There are real opportunities for Australia to learn from Singapore's thorough approach to crypto industry licensing. Currently, there are no custodian requirements for digital asset exchanges in Australia. We'd like to see, and have been pushing for, appropriate legislation to be introduced locally that will support the industry and provide protection for investors," he said.
Established in Australia in 2013, Independent Reserve embarked on its international expansion plans in late 2019, setting up its first overseas operations in Singapore to provide digital asset exchange and OTC trading services to people and institutions.
Independent Reserve provides SGD, AUD, USD and NZD fiat-to-crypto trading pairs. The licence is a major step forward for individuals and companies in Singapore looking for an easy and trusted onramp into cryptocurrency.
ABOUT INDEPENDENT RESERVE
Established in 2013, Independent Reserve is Australia's most trusted cryptocurrency order book exchange and OTC trading desk. Over 200,000 customers from Singapore, Australia and New Zealand trust Independent Reserve to easily buy and sell Bitcoin, Ethereum, XRP and other major cryptocurrencies. Independent Reserve offers a range of innovative features, including AutoTrader, OTC trading desk, API integration and world-class security.
ABOUT THE MAJOR PAYMENT INSTITUTION LICENCE
The Monetary Authority of Singapore licensure approval was granted under the Payment Services Act for Independent Reserve to operate as a regulated provider for Digital Payment Token Services.
SOURCE Independent Reserve