Australian speech Independent Reserve is 1 of the archetypal virtual plus work providers to person in-principle support successful Singapore
The Monetary Authority of Singapore (MAS) yesterday granted an in-principle support missive for a Major Payment Institution Licence to cryptocurrency exchange Independent Reserve, according to a press release yesterday.
This support volition alteration Independent Reserve to run arsenic a regulated supplier of Digital Payment Token Services nether the Payment Services Act, making the speech 1 of the archetypal virtual plus work providers (VASPs) successful Singapore to person specified a letter.
CEO of Independent Reserve, Adrian Przelozny, commented, “To beryllium 1 of the archetypal cryptocurrency exchanges to beryllium notified by MAS of our in-principle licensing support is simply a reflection of the robustness of the policies, procedures and hazard absorption systems that we person enactment successful spot to usher our day-to-day operations. It provides certainty for america arsenic manufacture participants and information for our customers, knowing that their chosen level has passed the scrutiny of a world-class regulator.”
Independent Reserve was founded successful Australia successful 2013 and provides a cryptocurrency bid publication speech and OTC trading desk. Its features see API integration, a taxation estimator and an AutoTrader for implementing automated crypto trading strategies. The speech present has much than 200,000 customers crossed Australia, New Zealand and Singapore.
Since 2019, Independent Reserve has been expanding internationally and Singapore was the archetypal spot the speech acceptable up overseas operations. MAS’ section regulatory model meant Independent Reserve could confidently found crypto speech and OTC trading table services successful the state to service some radical and institutions.
Przelozny added, “The granting of Digital Payment Token licences by MAS volition proceed to enactment Singapore successful rod presumption arsenic the starring fiscal hub successful Asia. We are arrogant to beryllium a affirmative and compliant contributor to this fast-growing industry.”
The MAS requires that VASPs instrumentality suitable solicitation, hazard absorption and owed diligence successful bid to person a licence. In particular, the authorization is funny successful applicants’ compliance structures and processes for anti-money laundering and combatting of coercion financing, arsenic good arsenic their transaction screening, lawsuit extortion mechanisms and the robustness of their IT services.
Meanwhile, an MAS spokesperson told Decrypt yesterday that Binance is not yet licensed to run successful Singapore. Binance Asia Services is successful a transitional period, during which it is temporarily exempt from needing a licence, portion the authorization reviews its application.