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Independent Reserve Becomes First Australian Crypto Exchange Licensed in Singapore
The exchange says it has become one of the first VASPs to obtain full licensure approval under Singapore’s Payment Services Act.
Updated May 11, 2023, 3:53 p.m. Published Oct 1, 2021, 1:15 a.m.
Crypto exchange Independent Reserve says it has marked an Australian first in receiving a Major Payment Institution Licence from the Monetary Authority of Singapore (MAS).
The license grants the Australian exchange the approval to conduct its business as a virtual asset service provider (VASP) within Singapore under the island city-state’s Payment Services Act.
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The exchange said its new license will allow it to accelerate its growth efforts within Singapore, according to Thursday’s press release. The move follows the exchange having already obtained in-principle approval from the regulator in early August.
Under Singapore’s licensing regime, applicants applying for a license are subject to a review of their policies, customer protection procedures, compliance structures, market manipulation safeguards and know-your-customer (KYC) requirements, among other stringent measures.
“A well-regulated environment will benefit both investors and crypto industry stakeholders,” said Adrian Przelozny, CEO of Independent Reserve. “Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia.”
The Sydney-based exchange first set up shop in 2013 and has quickly grown to become one of Australia’s most well-recognized crypto marketplaces, alongside CoinJar, Swyftx and Coinspot.
Read more: Singaporeans Are More Aware of Crypto Than Australians
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