Independent Reserve gains in-principle licensure approval from Singapore regulator
Cryptocurrency exchange Independent Reserve has today received an “in-principle approval” letter for a Major Payment Institution Licence in Singapore from the Monetary Authority of Singapore (MAS) to operate as a regulated provider for Digital Payment Token Services. It is one of the first virtual asset service providers (VASPs) to obtain an in-principle approval letter for a Major Payment Institution Licence in Singapore.
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 in Singapore. According to CEO Adrian Przelozny, the local regulatory framework set out by the MAS made it possible to enter the market with greater confidence.
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licensing 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. The granting of Digital Payment Token licences by MAS will continue to put Singapore in pole position as the leading financial hub in Asia. We are proud to be a positive and compliant contributor to this fast-growing industry,” said Adrian Przelozny, CEO of Independent Reserve.
In the interest of promoting consumer safety in the digital assets industry, areas of particular interest to MAS throughout the application process included customer protection mechanisms, transaction screening, robustness of IT services, compliance structures, and AML/CFT processes. To achieve the licence, VASPs were required to put controls in place to ensure 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 systems and processes are robust and up to strict regulatory standards,” said Raks Sondhi, Managing Director of Independent Reserve in Singapore.