Independent Reserve gets crypto licence from MAS
It is one of the first virtual asset service providers to obtain full licensure approval.
Cryptocurrency exchange Independent Reserve has been granted approval by the Monetary Authority of Singapore to operate as a regulated provider for Digital Payment Token (DPT) ervices.
The Australia-based company is one of the two who has been granted approval by MAS this week.
Chief executive officer Adrian Przelozny Independent Reserve 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,” Przelozny added.
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.