Australian exchange Independent Reserve is among the first virtual asset service providers to receive in-principle approval in Singapore
The Monetary Authority of Singapore (MAS) has issued an in-principle approval letter for a Major Payment Institution Licence to cryptocurrency exchange Independent Reserve, according to the company’s recent press release. This milestone allows Independent Reserve to operate as a regulated provider of Digital Payment Token Services under Singapore’s Payment Services Act.
Receiving this in-principle approval makes Independent Reserve one of the first virtual asset service providers (VASPs) in Singapore to be notified by MAS. The decision reflects the regulator’s assessment of the exchange’s compliance framework, operational controls and risk management systems.
Adrian Przelozny, CEO of Independent Reserve, said, “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.”
Founded in Australia in 2013, Independent Reserve offers an order-book cryptocurrency exchange and an over-the-counter (OTC) trading desk. The platform supports API integration, provides a tax estimator, and includes an AutoTrader tool for implementing automated trading strategies. The exchange serves more than 200,000 customers across Australia, New Zealand and Singapore.
Independent Reserve began international expansion in 2019, choosing Singapore as the first market for its overseas operations. The clarity of MAS’s regulatory framework allowed the company to confidently establish both crypto exchange and OTC services in Singapore to serve individual and institutional clients.
Przelozny added, “The granting of Digital Payment Token licences by MAS will continue to put Singapore in pole position as the leading financial hub in Asia. We are proud to be a positive and compliant contributor to this fast-growing industry.”
MAS requires VASPs seeking licences to demonstrate effective solicitation controls, risk management and robust customer due diligence. The regulator places particular emphasis on anti-money laundering and counter-terrorism financing measures, transaction screening capabilities, customer protection mechanisms, and the resilience and security of IT systems.
Separately, an MAS spokesperson confirmed to media that Binance is not yet licensed to operate in Singapore. Binance Asia Services remains in a transitional period and is temporarily exempt from licensing while MAS reviews its application.