Digital currency exchange Independent Reserve revealed on Monday (August 2, 2021) that it had acquired an “in-principle approval” letter for a Major Payment Institution License 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’s one of the first virtual asset service providers (VASPs) “to obtain an in-principle approval letter for a Major Payment Institution Licence in Singapore,” according to a release shared with CI.
Founded in Australia back 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 in Singapore.”
Company CEO Adrian Przelozny said that the domestic regulatory guidelines introduced by the MAS made it possible to enter the market with “greater confidence.”
Adrian Przelozny, CEO of Independent Reserve, stated:
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licencing approval is a reflection of the robustness of the policies, procedures and risk management systems that we have put in place to guide our day-to-day operations. It provides certainty for us as industry participants and security for our customers, knowing that their chosen platform has passed the scrutiny of a world-class regulator.”
Adrian added that the granting of Digital Payment Token licenses by MAS will continue “to put Singapore in pole position as the leading financial hub in Asia.”
As mentioned in the announcement, MAS performs thorough checks as part of the application process – which include ensuring customer protection mechanisms, transaction screening, “robustness” of IT services, compliance structures, as well as AML/CFT processes.
In order to obtain the license, VASPs had to place controls “to ensure proper due diligence, suitable solicitation, and adequate risk disclosure,” the announcement explained.
Raks Sondhi, MD at the Independent Reserve in Singapore, remarked:
“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 systems and processes are robust and up to strict regulatory standards.”
Launched in 2013, Independent Reserve claims to be Australia’s “most trusted” crypto order book exchange and over-the-counter (OTC) trading desk. More than 200,000 clients from Singapore, Australia and New Zealand “trust” Independent Reserve to conveniently purchase and sell Bitcoin, Ethereum, XRP and various other virtual currencies.
Independent Reserve provides several innovative features, such as AutoTrader, OTC trading desk, API integration and world-class security.