Australian Cryptocurrency exchange, Independent Reserve, received an “in-principle approval” from the Monetary Authority of Singapore(MAS). It can operate as a regulated provider of Digital Payment Token (DPT) Services.
According to the blog, it is one of first virtual asset service providers (VASPs) to receive in-principle approval for “Major Payment Institution License” in Singapore.
Independent Reserve CEO Adrian Przelozny said that the MAS licensing process “provides certainty for us as industry participants and security for our customers.”
“The granting of digital payment token licenses by MAS will continue to put Singapore in pole position as the leading financial hub in Asia,” said the CEO of Independent Reserve.
Before allowing a license, MAS examines applicants “customers protection mechanism, transaction screening, compliance structure, the robustness of their IT services, and processes related to anti-money laundering.
In order to receive a license, VASPs have to make sure proper due diligence, suitable solicitation, and adequate risk disclosure.
“We are delighted to be one of the first to obtain in-principle approval to provide our services in Singapore, and we wish to thank the regulator for the time and effort they have invested in this process. We were impressed by the thoroughness of the licensing process, and the level of detail required to ensure our system and processes are robust and up to strict regulatory standards,” said Raks Sondhi, MD of Independent Reserve in Singapore.
Independent Reserve, established in 2013, is Australia’s most trusted cryptocurrency order book exchange and OTC trading desk. The company has 200,000 customers across Singapore, Australia, and New Zealand.
Also Read: Independent Reserve First to List Ripple USD Stablecoin in SG
