Independent Reserve Gets MAS’ First in-Principle Approval for Digital Payment Tokensby Fintech News Singapore August 3, 2021
Australian cryptocurrency exchange Independent Reserve has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a regulated provider for digital payment token (DPT) services.
According to a statement from the Independent Reserve, the firm said that it is one of the first virtual asset service providers (VASPs) to obtain an in-principle approval letter for a major payment institution license in Singapore.
In the interest of promoting consumer safety in the digital assets industry, areas of particular interest to MAS throughout the application process included customer protection mechanisms, transaction screening, robustness of IT services, compliance structures, and AML/CFT processes.
To obtain the license, VASPs were required to put controls in place to ensure proper due diligence, suitable solicitation, and adequate risk disclosure.
Established in Australia in 2013, Independent Reserve embarked on its international expansion plans in late 2019, setting up its first overseas operations in Singapore to provide digital asset exchange and OTC trading services to people and institutions in Singapore.
“To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licensing approval is a reflection of the robustness of the policies, procedures and risk management systems that we have put in place to guide our day-to-day operations.
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,”
said Adrian Przelozny, CEO of Independent Reserve.
Featured image: Independent Reserve’s team