The Australian Independent Reserve exchange is one of the first virtual asset service providers to receive approval in principle in Singapore.
The Monetary Authority of Singapore (MAS) yesterday granted a letter of approval in principle for a major payment institution license to the Independent Reserve cryptocurrency exchange, according to a press release yesterday.
This approval will allow Independent Reserve to operate as a regulated provider of digital payment token services under the Payment Services Act, making the exchange one of the first virtual asset service providers (VASPs) in Singapore to receive such a letter.
Independent Reserve CEO Adrian Przelozny said : “ Being one of the first cryptocurrency exchanges to be notified by the MAS of the approval of our in-principle license reflects the robustness of the policies, procedures and risk management systems we have in place to guide our day-to-day operations. This is a guarantee of certainty for us as industry players and security for our customers, who know that the platform they have chosen has passed the scrutiny of a world-class regulator. »
Independent Reserve was founded in Australia in 2013 and provides a cryptocurrency order book exchange and OTC trading office. Its features include API integration, a tax estimator and an AutoTrader for the implementation of automated cryptocurrency trading strategies. The exchange now has more than 200,000 customers across Australia, New Zealand and Singapore.
Since 2019, Independent Reserve has been expanding internationally and Singapore was the first place where the exchange moved abroad. The local regulatory framework of MAS meant that Independent Reserve could confidently establish crypto exchange and OTC trading desk services in the country to serve individuals and institutions.
Przelozny added : “ The licensing of digital payment tokens by MAS will continue to put Singapore in pole position as Asia’s leading financial centre. We are proud to be a positive and consistent contributor to this growing industry. »
DSS requires PSAs to implement appropriate solicitation, risk management and due diligence in order to receive a licence. In particular, the authority is interested in the applicant’s anti-money laundering and anti-terrorist financing compliance structures and processes, as well as their mechanisms for filtering transactions, protecting customers and the robustness of their IT services.
Meanwhile, a spokesman for the MAS said yesterday at Decrypt that Binance is not yet licensed to operate in Singapore. Binance Asia Services is in a transitional period, during which it is temporarily exempted from the requirement to obtain a licence, while the authority considers its application.