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Australia’s first regulated crypto exchanges; Independent Reserve (IR) will be supporting Ripple (XRP) this week. The Sydney based crypto exchange IR will be offering its users to the potential to trade the third largest cryptocurrency by market cap.
On July 7, the Independent Reserve (IR), the first regulated crypto exchange in Australia will be enabling support for Ripple (XRP). The exchange offers to trade both retail investors and institutional clients via exchange and OTC trading.
At present, the exchange offers fiat trading pairs like NZD, USD, AUD and BTC, ETH, BCH and LTC.
Adrian Przelozny, the chief executive at Independent Reserve (IR) stated that;
“There is a wide universe of digital currencies out there now, but to be listed on Independent Reserve they need to meet a range of criteria including quality, stability and volume metrics. Our clientele have been requesting XRP and we felt this timing was right to offer it to them”.
In the year 2017, legislation passed permitting AUSTRAC (Australian Transaction Reports and Analysis Centre) to scrutinize domestic crypto exchanges.
However, the regulatory consents that requires conformity to meet anti-money laundering and counter terrorism financing (AML/CTF) obligations. Meanwhile, it also includes customers’ details and declining suspicious transactions above AUD $10,000.
On April 3, IR declared its approval from AUSTRAC to be the first crypto exchange in Australia with terms and conditions. The CEO Przelozny said in regards;
“We have been lobbying for increased regulation since we opened for business in 2014. We passionately believe that the digital currency economy will – and should – become just another part of the mainstream economy. In order for that to happen, digital currency needs to be regulated just like any other asset class”.
At the press time, the market cap showed, Ripple the third largest crypto exchange was valued at $0.489906 USD.