The Crypto Travel Rule will come into effect in Australia on 1 July 2026. To prepare for these requirements, Independent Reserve is introducing updates to the address book, where users manage saved withdrawal addresses.
Independent Reserve today welcomed the Federal Government’s recommendation to make crypto exchanges and digital asset platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence, but warned that the recommendation must be followed by swift action.
Independent ReserveMarket update
The bear market rally ran out of puff on Friday with Bitcoin falling below the 200-week moving average. It's currently down 14% for the week and trading around A$30,970 (US$21.3K). Ethereum fell 17% to trade around A$2,350 (US$1,620), possibly related to fears over decentralisation and transaction censorship in the fallout from the Tornado Cash sanctions. Traditional markets are in the red too due to macro factors including comments by the Federal Reserve Bank of St. Louis President James Bullard who said he favoured a 75-basis point hike in interest rates next month. The last hike of that magnitude saw crypto market turmoil. Everything else was down on the week, with XRP falling 12%, Cardano (-20%) and Polkadot (-19%). The Crypto Fear and Greed Index is at 29 or Fear, down from 45 last week.
[SINGAPORE, 2 August 2021] Cryptocurrency exchange Independent Reserve has today received an "in-principle approval" letter 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.
