Crypto exchange Independent Reserve obtains MAS licence
It becomes the second applicant here, after FOMO Pay, to successfully seek a permit to provide DPT services
Kelly Ng
Singapore
INDEPENDENT Reserve is now a fully licensed cryptocurrency exchange in Singapore, making it the second applicant in the city-state to successfully apply for a licence to provide digital payment token (DPT) services.
Set up in Australia in 2013, Independent Reserve started expanding internationally about two years ago, establishing its first overseas operations in Singapore to provide digital asset exchange and over-the-counter trading services.
Close to 170 applicants are still awaiting the results of their DPT licence applications. Most have been operating with an exemption from holding a licence, under transitional arrangements in the Payment Services Act. The exemption is in force until applications are approved or rejected by the Monetary Authority of Singapore (MAS), or withdrawn by the applicant.
In a media statement on Friday, Independent Reserve's chief executive Adrian Przelozny said that Singapore's well-regulated environment "would thoroughly address" investor protection concerns including the safe custody of assets, KYC (know your customer) requirements, and market manipulation, making it easier to provide crypto services to financial institutions that wish to trade digital assets.
Independent Reserve will make Singapore its Asean headquarters, and plans to venture into other regional markets, such as Malaysia, Thailand, and Indonesia, said Raks Sondhi, managing director for Independent Reserve in Singapore.
Mr Sondhi told The Business Times his company is currently exploring partnerships with other traditional financial institutions in Singapore, but declined to disclose their names.
Based on its experience in Australia, the exchange wants to serve both retail and institutional investors. "I think it will be fairly split, to be honest," Mr Sondhi added.
Apart from Independent Reserve, the other applicant that was granted a DPT licence in September is mobile payments firm FOMO Pay
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