Independent Reserve, which is the first regulated cryptocurrency exchange in Australia, is set to add support for Ripple’s token (XRP) on its trade platform this week. According to a report, the Sydney-based digital currency exchange platform is enabling support for Ripple (XRP), the world’s third-largest cryptocurrency by market cap just behind Bitcoin (BTC) and Ethereum (ETH). With the launch of the trading on slated for July 7, 2018, the exchange is offering the trading of both retail and individual investors through its exchange and institutional clients via over-the-counter trading.
As of now, Independent Reserve offer fiat trading pairs between USD, AUD, NZD and Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, on Saturday, the exchange will launch Ripple (XRP) trading, to enable users to buy XRP with AUD, USD, and NZD. The exchange platform also makes possible crypto trading pairs, allowing for trading between Ripple (XRP) and Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). The Chief Executive of Independent Reserve, Adrian Przelozny said 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 has been requesting XRP, and we felt this timing was right to offer it to them.”
Cryptocurrency Regulations and Guidelines in Australia
In April 2018, Independent Reserve turned into Australia’s first regulated cryptocurrency exchange; this was after legislation passed late last year authorized the Australian Transaction Reports and Analysis Centre (AUSTRAC) to screen private cryptocurrency exchange.
The regulatory mandate, which expects compliance to meet anti-money laundering (AML) and counter-terrorism financing (CTF) obligations, client record keeping and flagging suspicious transactions including all money exchanges above AUD 10,000, became effected on April 3. Przelozny also said stated that: “We have been lobbying for increased regulation since we opened for business in 2014,”
Independent Reserve disclosed it had gained approval from AUSTRAC to become Australia’s first cryptocurrency exchange to comply with the authorized rules.The CEO, who is an alumnus of Monash University (Melbourne), added that: “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, the digital currency needs to be regulated just like any other asset class. “
It is known that CoinSpot, another AUSTRAC-approved domestic digital currency exchange platform, with help for dozens of cryptocurrencies, is additionally offering XRP trading in the country.
To learn more about Independent Reserve and the services they provide, visit their website: www.independentreserve.com