The CEO and founder of the Sydney-based platform, Independent reserve announced at the end of last week that it was planning to expand its trading services to users in Singapore, in saying a statement that the team believe it was the right time to make such a move. Adrian Przelozny said that there were a number of positive factors and moves made by Singapore’s regulators in recent times.
The platform offers a range of retail and institutional trading features. This includes a spot marketplace and over-the-counter services. In February last year, the platform introduced insurance coverage against theft or loss of digital assets held in a client’s account.
Independent reserve has been around for a long time now and it has more than 120,000 customers and around 8000 self-managed super funds. Established in 2013, it’s safe to say this is one of the biggest crypto platforms in the industry and definitely one of the most important ones.
Singapore adopted crypto with open-arms and especially with crypto regulation. When the monetary authority of Singapore created a legal framework, it essentially brought all cryptocurrency payments providers under its law rather than under a free law, so to speak.
According to the CEO, the payment services act that was brought in last year was one of the main reasons that influenced the move to Singapore for the company. He added:
"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."
It will be interesting to see how this move plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
