Independent Reserve Receives Preliminary Approval From MAS for Its Digital Payment Token Services
Independent Reserve, an Australian cryptocurrency exchange, has received an in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a regulated provider of Digital Payment Token (DPT) Services in Singapore. This marks a significant milestone for the company, as it follows in the footsteps of IG Group, a UK-based company that acquired a majority stake in Independent Reserve.
Raks Sondhi, the Managing Director of Independent Reserve in Singapore, expressed her gratitude for the approval, commending the thoroughness of the MAS licensing process and the level of detail required to ensure the robustness of Independent Reserve's system and processes.
The MAS licensing process is designed to provide certainty for the industry participants and security for the customers of Independent Reserve, as stated by CEO Adrian Przelozny. The process involves a thorough examination of applicants' customers protection mechanism, transaction screening, compliance structure, the robustness of their IT services, and processes related to anti-money laundering.
Independent Reserve, established in 2013, is Australia's most trusted cryptocurrency order book exchange and OTC trading desk. With over 200,000 customers across Singapore, Australia, and New Zealand, this approval will enable the company to expand its services in the region.
The CEO of Independent Reserve, Adrian Przelozny, believes that the granting of digital payment token licenses by MAS will continue to put Singapore in pole position as the leading financial hub in Asia. This approval positions Independent Reserve as one of the first virtual asset service providers (VASPs) to receive in-principle approval for a 'Major Payment Institution License' in Singapore.
While no new information about Independent Reserve's customers protection mechanism or transaction screening was provided, the company has demonstrated its commitment to maintaining high standards of security and compliance. The MAS approval is a testament to this commitment and a step forward in the company's mission to provide a trusted and secure platform for digital asset trading.
