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.

Oct 1, 2021 at 1:15 a.m. UTC
Updated Oct 1, 2021 at 2:08 p.m. UTC

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.

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Sebastian Sinclair is a CoinDesk news reporter based in Australia.