One of the first regulated exchanges in Australia known as Independent Reserve, will add support to Ripple (XRP) during this week. The exchange located in Sydney will offer its users the possibility to trade Ripple, the third most important cryptocurrency according to its market capitalization.
The trading activities will be launched on July the 7th and the exchange will be offering its service to retail and institutional investors. The exchange serves institutional clients via over-the-counter trading.
According to Adrian Przelozny, chief executive at Independent Reserve, the exchange only accepts digital currencies that comply a range of criteria that includes quality, stability and volume metrics.
“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.”
Back in April 2018, Independent Reserve became Australia’s first regulated crypto exchange. At the end of 2017, a legislation passed authorizing the Australian Transaction Reports and Analysis Centre – also known as AUSTRAC – to monitor domestic cryptocurrency exchanges.
The regulations require compliance to meet anti-money laundering (AML) and counter terrorism financing (CTF). At the same time, the exchange will have to flag suspicious transactions and all the movements above AUD $10,000.
Mr. Przelozny said that the digital currency economy will become another part of the economy, and for this to happen it needs to be regulated just like any other asset class.
At the moment of writing this article Ripple is one of the most important virtual currencies in the market and each of the tokens can be bought for $0.49 dollars.