The crypto exchange is part of a select few to to be licensed as a Digital Payments Tokens provider.
Australian-based cryptocurrency exchange Independent Reserves has received in-principle license approval to operate as a regulated provider for Digital Payment Token (DPT) Services under Singapore’s Payment Service Act (PSA).
With over 480 crypto license applications being applied under the Payment Services Act of which 170 applicants are DPT service applicants, Independent Reserves is one of the first few to obtain the In-Principle License Approval by the Monetary Authority of Singapore (MAS).
Qualifying for the license is a rigorous process. To ensure that customer safety is prioritised, MAS requires applicants to address areas such as customer protection mechanisms, transaction screening, a robust IT infrastructure, and Anti-Money Laundering/Combating the Financing of Terrorism measures (AML/CFT) before they are cleared for the in-principle license approval.
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licensing approval is a reflection of the robustness of the policies, procedures and risk management systems that we have put in place to guide our day-to-day operations.” said Adrian Przelozny, CEO of Independent Reserve.
Founded in 2013, Independent Reserves aims to be the main exchange for Australian crypto traders and investors to buy cryptocurrencies, and the platform currently boast over 200k customers from Singapore, Australia, and New Zealand.
It has set its sights on expanding internationally since 2019, and its acquiring of the in-principle license approval is set to facilitate its Singapore operations as a regulated provider.
“We were impressed by the thoroughness of the licensing process and the level of detail required to ensure our systems and processes are robust and up to strict regulatory standards,” said Raks Sondhi, Managing Director of Independent Reserve in Singapore.
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