Australian digital currency exchange Independent Reserve gets approval to become the first digital currency exchange in Singapore. It will be operating as a completely regulated VASP (Virtual Asset Service Provider). In this article, we will discuss the approval of the Independent Reserve to function in Singapore.
Why Does Independent Reserve Gets Approval?
The Monetary Authority of Singapore (MAS) approved cryptocurrency exchange named Independent Reserve under the PSA (Payment Service Act) that offers exact regulations and rules on service providers and digital currency exchanges that wish to function on the local level.
The PSA offers regulation and licensing to make sure there is compliance with anti-money laundering and counter financing of terrorism needs and measures to mitigate the risks of technologies.
Independent Reserve gets approval and this initiative was welcomed by the chief executive officer of Independent Reserve, Adrian Przelozny. According to him,
“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.”
He further added that,
“It provides certainty for us as industry participants and security for our customers.”
Singapore has witnessed an increase in interest from the crypto sector as the crackdown of China’s crypto industry has left many in the tension of putting down the foundation in Hong Kong. As a result of which Singapore evolved as a more appealing option for the crypto market.
For its friendly regulatory atmosphere, this country is known for its business hubs. Open policies for business and stability in politics are among the main factors which make it a lucrative place for digital currency companies and executives.
It is the first crypto exchange that has got the consent to operate in Singapore out of 170 applicants which include global exchanges like Gemini and Binance Singapore.
Exchanges like Binance have already been provided with exemption to function in Singapore, but they are waiting for the official approval.
The Independent Reserve fee includes a trade fee which is as low as 0.02%.
Independent Reserve Review: Is Independent Reserve Safe?
Independent Reserve is a cryptocurrency exchange that was established in 2013 in Sydney, Australia. The exchange is trusted by more than 200,000 customers to purchase Bitcoin with AUD, in a secure and safe trading environment.
The Independent Reserve gets approval for operating in Singapore. It is a crypto exchange firm that is now the first crypto exchange in Singapore. Even though global exchanges like Binance have received an exemption in Singapore, they are still waiting for an official approval.
Frequently Asked Questions On Independent Reserve Gets Approval
Independent Reserve is a legitimate cryptocurrency exchange that is based in Australia. They are a member of the ADCA (Australian Digital Commerce Association).
To withdraw Fiat currency from your Independent Reserve account, go to “accounts” and choose your fiat currency from the list. Once your selection is done, the next and the final thing that you will have to do is select “withdraw.”
It generally takes 2-3 business days to withdraw currency from your Independent Reserve account to your bank account, as the funds must be converted first into AUD. For withdrawing cryptocurrency, follow the prompts through the Accounts screen.