Independent Reserve beats 170 global competitors to become a fully licenced cryptocurrency exchange available to retail and institutional investors in Singapore
[SINGAPORE, 1 October 2021] Cryptocurrency exchange Independent Reserve has today received approval for a Major Payment Institution Licence 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 one of the first virtual asset service providers (VASPs) to obtain full licensure approval under the PSA in Singapore.
Licence 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.
CEO Adrian Przelozny said that Singapore’s well-regulated environment would thoroughly address investor protection concerns including the safe custody of assets, KYC requirements, and market manipulation, making it easier to provide cryptocurrency services to financial institutions 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 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, CEO of Independent Reserve.
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. This is a major step forward for individuals and companies in Singapore that are looking for an easy and trusted onramp into cryptocurrency.
“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 was the first VASP to announce on 3 August that it had received an “in-principle” approval letter for a Major Payment Institution License in Singapore from the MAS to provide digital asset exchange and OTC trading services to people and institutions in Singapore.
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.
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Winston Choo / Justin Chan
Citigate Dewe Rogerson