Independent Reserve, an Australian crypto exchange reserve, announced that the government of Singapore has approved a “Major Payment Institution License.” This license would allow the Australian company to operate as a regulated digital payment token (DPT) service provider.
This approval makes Independent Reserve one of the first crypto exchanges to acquire an in-principle approval letter from the Monetary Authority of Singapore (MAS).
Approval from a world-class regulator
Adrian Przelonzy, CEO of Independent Reserve, said: “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.”
Independent Reserve was founded in 2013, and with the success it has gained in Australia, it has decided to set up its first overseas branch in Singapore in 2019.
Przelony also said being one of the first crypto exchanges approved by the Monetary Authority of Singapore reflects Independent Reserve’s commitment to a transparent financial service.
The Independent Reserve admitted that the Monetary of Singapore’s application process is rigorous.
These processes include ensuring the strength of customer protection mechanisms, IT infrastructure, and the transactions used by the company.
But the company said that it completely understands this strict screening because it ensures a crypto exchange’s due diligence and the protection of customers.
Payments Services Act
The Payment Services Act (PSA), which came into effect last January 2020 in Singapore, requires all companies that offer digital token payment services to have a license to operate in the country.
PSA has the authority to provide licenses, regulate payment service providers, including crypto exchanges, and ensure that any financial services company would not be involved in money-laundering or financing of terrorism.
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