The Australia-based crypto exchange announced on Friday that it received a full license to provide digital payment token (DPT) services in Singapore, and has big plans for growth.

«It's taken us 19 months to get to this spot, but we've only just reached the starting line,» Raks Sondhi, managing director, Independent Reserve, Singapore, told finews.asia.

The exchange is one of the first virtual asset service providers in Singapore to obtain a DPT license, joining DBS Vickers and fintech firm Fomo Pay, following a process that entailed an examination by MAS to review its policies and procedures regarding customer protection mechanisms, transaction screening, and compliance structures, as well as the robustness of its information technology services. 

«We know what we've got in place in terms of our processes, our systems, the governance and the right people, and that the frameworks we have internally will be able to get through with all of the MAS regulations,» Sondhi said about the licensing process.

More Services Planned

Independent Reserve launched operations in 2013. Sondhi said the city-state's well-regulated environment was among the reasons why it chose Singapore as its first international outpost.

Currently, Independent Reserve provides a spot exchange for SGD, AUD, USD and NZD fiat-to-crypto trading pairs, with 10 tokens that are listed on the exchange. In the coming weeks, it will be adding another six to eight tokens, Sondhi said.

«We do have other products in mind, but what we do need to take into consideration on actually launching those products is the licensing regime for them,» he added.

«Huge Interest»

Sondhi highlighted the interest Independent Reserve has received since it got in-principle approval by MAS in August, with an influx of retail and institutional investors.

«Globally, institutional interest in digital assets is huge. You've seen all these major players now that are coming into actually shift assets or diversify their portfolios or balance sheets into into cryptocurrencies, and we want to support them,» Sondhi said.