One of the major and biggest cryptocurrency exchanges in Australia plans to expand its roots to Singapore. The decision has been officially announced after the company received a very positive response from the Singapore regulators.
Australia has one of the most regulated cryptocurrency markets in the world. It has been declared by the local government that cryptocurrencies would be treated equally to other units of exchange and would be subjected to Capital Gain Tax. Cryptocurrencies have been legal in Australia since 2017, and have already gained a lot of popularity. The country has been ranked 14th globally for BTC volume. One of the biggest industries in Australia, gambling, has also adopted these digital assets. There are some of the world’s leading online casinos with bitcoin established in Australia. They have already gained a lot of customers and have been one of the most visited online casinos in the country.
Independent Reserve, the Australian cryptocurrency exchange has already been one of the major and most important exchanges in the Australasian region. Thus, the company decided to expand and involve even more people. Their platform will soon be available for the citizens of Singapore. The decision was clear after a huge interest from Singapore was sighted, especially after news of new regulatory legislation.
The Sydney-based exchange is one of the leading exchanges and has quickly gained positive feedback from its customers. This could also stand as a reason for the expansion and for the welcoming message from the side of Singapore. The CEO of Independent Reserve, Adrian Przelozny made an announcement on Friday last week that the expansion is the right step to take at the right moment. Przelozny also said that they are very eager to offer their services to new users and expressed hope that the partnership will be as successful as it is in Australia.
Independent Reserve: New Launch
Independent Reserve was established back in 2013. The company already supplies 120,000 customers. It also has 8,000 self-managed super funds on the account. The SMSF funds are the superannuation fund, which is operated by the members and is under the regulation of Australian law.
While making a statement, the CEO of the Independent Reserve made it clear that the initiative found positive feedback from the Singapore regulators. The company has a lot to offer to its new users. Those also include features such as institutional trading, a spot marketplace and over-the-counter services (OTC).
Some of the major features and benefits of the company include a sophisticated insurance system. They introduced the insurance service last February. The insurance covers the theft and loss of digital assets, which is one of the key factors for the security and privacy of the customers. Independent Reserve is one of the few companies that offers users insurance services.
The initiative by the Sydney-based company was made last year and is soon expected to be implemented in Singapore. The main financial authority of Singapore, the Monetary Authority of Singapore (MAS) which is also the decision-maker for the cryptocurrency regulations, showed positive feedback for the venture.
Within a legal framework, created by the de facto central bank and financial regulator of Singapore, all cryptocurrency users will be under local jurisdiction. Consequently, all crypto payments are regulated and legal. The 2019 Payment Services Act has also contributed a lot to the decision making process.
Singapore has been one of the most attractive destinations for cryptocurrency exchanges recently. The reason behind the huge interest is the proposal publication by MAS. the publication stated that crypto exchanges and similar types of financial products will be regulated by Singapore financial authority.
Independent Reserve is not the only exchange company that would like to expand to Singapore. Several other companies, such as Binance have also announced their plans to move to the city-state. Some of them have already launched a crypto derivatives exchange. One of the first companies was ex-Morgan Stanley.
Within the launch of the Independent Reserve, institutional trading platforms for almost every cryptocurrency will be accessible for Singapore citizens. Moreover, the Singapore dollar will also be integrated into the platform. The platform will be fully separated from the Australian Independent Reserve platform and will be a decentralized entity.