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Australian cryptocurrency exchange Independent Reserve has launched its services in Singapore, the company announced in a press release.
In 2019, the company forged a number of strategic partnerships and witnessed business growth that led it to expand its services to the Asia Pacific country. With this move, Singapore-based residents will now be able to buy, trade and hold digital currencies through Independent Reserve’s platform that offers the highest level of security.
Independent Reserve already has its presence in Australia and New Zealand with over 120,000 customers and 8,000 self-managed super funds (SMSFs). CEO and founder Adrian Przelozny is very pleased to bring the proven and tested platform to a wider audience.
“Following a number of positive moves by Singaporean regulators, including the introduction of the Payments Services Act by the Monetary Authority of Singapore (MAS), we felt the time was right to make this move. Having worked closely with Australian regulators, and as the only Australian exchange to have insurance on crypto assets, the response we’ve received so far from the Singapore market has been overwhelmingly positive,” said Przelozny.
“As part of this, we’ll soon be integrating Singaporean dollar trading pairs into our platform.”
Independent Reserve’s website for its Singapore branch is already available. It allows users to buy, sell and trade bitcoin, ethereum and other cryptocurrencies. It will be run under a separate entity called Independent Reserve SG PTE LTD.
“When trust is imperative, Independent Reserve rises above the competition. A regulated Australian cryptocurrency exchange, independently reviewed and the first Australian exchange to offer insurance on crypto assets. We work with Government and a network of multinational partners to offer a world-class, secure and trusted platform,” the website read.
Meanwhile, the Australian Prudential Regulation (APRA) has proposed to the senate that it wants to supervise digital wallets. According to the proposal, APRA's role will be to oversee wallets that are "widely used as a means of payment and store significant value for a reasonable amount of time (e.g. potentially Facebook's Calibra proposal).
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