Australian cryptocurrency exchange Independent Reserve has received a Major Payment Institution License in Singapore from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to operate as a regulated provider for Digital Payment Token (DPT) Services.
It is the second virtual asset service providers (VASPs) to obtain full licensure approval under the PSA in Singapore following that of FOMO Pay in September.
Independent Reserve was the first VASP to announce in August that it had received an “in-principle” approvals from MAS.
License applicants were subject to an examination by the Monetary Authority of Singapore (MAS) to review its policies and procedures regarding customer protection mechanisms, transaction screening, and compliance structures, as well as the robustness of its information technology services.
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.
“A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade rules for the crypto industry, Singapore currently 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 the Singapore population, enabling them to quickly and securely use their SGD to get in and out of crypto.”
said Adrian Przelozny, CEO of Independent Reserve.
“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 license 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.
Featured image: Independent Reserve’s team