Cryptocurrency exchange Independent Reserve clears MAS checks to obtain a full licensure in Singapore
Australia-based cryptocurrency exchange Independent Reserve has gotten a full licensure approval from the Monetary Authority of Singapore to operate cryptocurrency services locally.
The full licensure approval gives Independent Reserves the green light to provide Digital Payment Token (DPT) services under Singapore’s Payment Services Act. With the approval, the exchange can now offer financial services related to cryptocurrencies, transfer assets from one address to another in addition to trading cryptocurrencies and setting up an exchange.
The strict regulations by MAS mean those who wish to be a Digital Payment Token service provider have to undergo a series of checks on customer protection mechanisms, transaction screening, compliance structures, and the robustness of its IT infrastructure. This makes Independent Reserve one of the first few virtual asset service providers (VASPs) to clear the process and gain the full licensure.
“Since receiving our in-principle approval, we’ve seen an influx of retail and institutional investors. Until that point, most had stayed on the sidelines because determining who to trust was a lot more difficult. This licence will allow Independent Reserve to accelerate its growth in Singapore and reassure investors of our integrity and safety.” said Raks Sondhi, Managing Director of Independent Reserve in Singapore.
Independent Reserve CEO Adrian Przelozny also saw the stringent checks as a boon to the cryptocurrency industry, as thorough checks on safe custody of assets and KYC requirements, making it address investor concerns on cryptocurrency services.
“Singapore currently has the clearest and most detailed licencing requirements of any jurisdiction in Asia. And now, Independent Reserve is one of the first fully licenced crypto exchanges available to the Singapore population, enabling them to quickly and securely use their SGD to get in and out of crypto. Independent Reserve offers trust, world-class security and deep global liquidity, and now our doors are wide open to other businesses that are looking for a gateway into crypto.” said Adrian Przelozny.