The Australian Exchange Independent Reserve has been approved by the Monetary Authority of Singapore (MAS) to operate as a virtual asset service provider.
The Independent Reserve said it has received MAS approval under the Payment Services Act (PSA). It provides clear regulatory rules for cryptocurrency firms and exchanges that intend to legally operate in Singapore.
The law came into force in January 2020. According to the PSA, digital asset trading platforms are required to protect users and comply with anti-money laundering measures, including the Travel Rule principle of exchanging customer data.
Independent Reserve applied for a license back in April last year. About 170 cryptocurrency firms, including Binance and Gemini, are still awaiting approval from the Singaporean regulator.
“We were one of the first cryptocurrency exchanges to receive a MAS license. This will make us a confident participant in the cryptocurrency industry in the Singapore market and provide security for our clients. They now know that their chosen platform has been rigorously reviewed by a world-class regulatory body. If Singapore’s regulators continue to issue licenses to work with digital assets, this state will become a competitive financial center in Asia, ”said Adrian Przelozny, CEO of the Independent Reserve.
According to a recent survey by the Independent Reserve, about 43% of Singaporeans have expressed a willingness to buy cryptocurrencies in the coming year. Przelozny considers Singapore an attractive jurisdiction for the development of the industry, which is why it was chosen for the further expansion of the exchange. Obtaining a license from such a strict regulator as MAS was indeed an achievement for the marketplace, given that the agency treats cryptocurrencies with distrust.
Last year, MAS collaborated with other regulators to develop guidelines for obtaining a license to trade cryptocurrencies in the country. However, a few months ago, MAS warned investors about the risks of cryptocurrencies due to their high volatility.
