Australia’s Longest Standing Crypto Exchange Independent Reserve Gains ADCA Certification
Independent Reserve is certified compliant by the ADCA and has become the first cryptocurrency exchange in Australia to be regulated by the AUSTRAC.
The Australian Digital Commerce Association (ADCA) announced the certification of Independent Reserve cryptocurrency exchange as compliant of the Australian Digital Currency industry code of conduct. The Independent Reserve exchange is Australia’s longest running exchange and currently trades seven cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), OmiseGo (OMG) and 0x (ZRX).
The blockchain technology industry and associate cryptocurrency is rapidly transforming the financial industry which shows the need for this industry’s infrastructure to be ‘robust and considered’. The CEO of Independent Reserve, Adrian Przelozny, shared this opinion as he added that the number of Australians holding digital currencies has increased significantly during this year.
Speaking on the certification, Adrian said,
“I am very excited and proud that our continuous focus to provide a highly secure trading environment for our customers has been recognized through our ADCA certification. […] This is a major step for Independent Reserve as the evolving oversight of the Australian cryptocurrency industry provides unique opportunities for Australian investors”
Australia has been one of the countries that has seen a massive increase in participation in the cryptocurrency field so far in 2018. A rapid increase in exchanges and investors has also brought about new compliance laws in a bid to keep the industry safe. Independent Reserve’s being the first cryptocurrency exchange to be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) will open up for more exchanges to follow through.
The Code of Conduct is a tool to help Australian consumers identify digital currency businesses that have best-practice standards in place
The ADCA’s Australian Digital Currency Industry Code of Conduct is offered to the best practice standards on digital asset exchanges to protect the consumers’ interests and ensure regulatory compliance by exchanges.
The CEO and Managing Director at ADCA, Nick Giurietto, was delighted at the certification of Independent Reserve and was quoted saying,
“ADCA is delighted that Independent Reserve has achieved certification under the Australian Digital Currency Industry Code of Conduct. [..] Independent Reserve has long placed customer interests and regulatory compliance at the heart of its business practices. Certification under the Code of Conduct provides external confirmation of adherence to best-practice standards through verification by an independent auditor.”