Australian crypto exchange Independent Reserve has become one of the country’s first to be granted a Major Payment Institution Licence by 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-state’s Payment Services Act.
According to a press release on Thursday, the exchange says it has become one of the first VASPs to obtain full licensure approval under the act within Singapore. The exchange said its new license will allow it to accelerate its growth efforts in within the city-state. 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.