Roehl Niño Bautista · · 1 min readCrypto exchange Independent Reserve gets license from MAS
An earlier version of this story was published on Aug. 3, 2021
Independent Reserve, a cryptocurrency exchange firm, has officially received a major payment institution license from the Monetary Authority of Singapore (MAS), according to a company statement.
This license allows the Australia-based virtual asset service provider to operate in Singapore as a regulated digital payments service provider for cryptocurrency, making it easier for users to buy the digital tokens with Singapore dollars.
Photo credit: 123RF.com
Founded in 2013, Independent Reserve lets users securely purchase cryptocurrency on its platform. The firm is eyeing Southeast Asia after establishing a base of 200,000 customers in Australia and New Zealand.
Before granting a license, MAS examines applicants’ customer protection mechanisms, transaction screening, and compliance structures as well as the robustness of their information technology services and processes related to anti-money laundering or combating the financing of terrorism.
“With tailor-made rules for the crypto industry, Singapore currently has the clearest and most detailed licencing requirements of any jurisdiction in Asia,” said Adrian Przelozny, CEO of Independent Reserve.
See Also: A lay of the cryptocurrency land
In January, Singapore’s parliament passed the Payment Services Act, which widened the MAS’ authority to regulate cryptocurrency transactions.
Editing by Miguel Cordon, Arpit Nayak, and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
