Crypto exchange Independent Reserve says it has marked an Australian first in receiving a Major Payment Institution Licence from the Monetary Authority of Singapore (“MAS”).
The license grants the exchange the approval to conduct its business as a virtual asset service provider (VASP) within Singapore under the island city-state’s Payment Services Act.
The exchange said its new license will allow it to accelerate its growth efforts within the city-state, according to a press release on Thursday. The move follows the exchange having already obtained in-principle approval from the regulator in early August.
Under Singapore’s licensing regime, applicants applying for a license are subject to a review of their policies, customer protection procedures, compliance structures, market manipulation safeguards, and Know-Your-Customer requirements, among other stringent measures.
“A well-regulated environment will benefit both investors and crypto industry stakeholders,” said Adrian Przelozny, CEO of Independent Reserve. “Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia.”
The Sydney-based exchange first set up shop in 2013 and has quickly grown to become one of Australia’s most well-recognized crypto marketplaces, alongside CoinJar, Swyftx, and Coinspot.