Table of contents:
- Crypto Travel Rule Regulations in Singapore
- Verifying an external wallet to receive crypto into your Independent Reserve account
- Verifying your external wallet address to withdraw your crypto assets
Crypto travel rule regulations in Singapore
Since January 2020, the Monetary Authority of Singapore (MAS) has enforced the crypto travel rule aimed at preventing money laundering and countering terrorism financing in the Digital Payment Token services sector.
The crypto travel rule in Singapore is a global recommendation made by the Financial Action Task Force and implemented in Singapore through MAS’ Notice PSN02 and was further specified by MAS’ Guidelines to Notice PSN02. The Notice outlines the responsibilities of Virtual Asset Service Providers (VASPs), such as Independent Reserve, when handling clients’ crypto transactions.
As a licensed crypto exchange in Singapore, Independent Reserve has implemented an Anti-money laundering (AML) policy to articulate our commitment to the crypto travel rule regulations. In line with our AML policy, customers must verify their external crypto wallets to deposit crypto assets into their Independent Reserve account or withdraw them from their Independent Reserve account to an external wallet. Here’s how:
| Important:
You are not required to verify your Independent Reserve deposit wallet address; you should only verify external wallet addresses you’ll be sending or receiving crypto assets with. If you are verifying your external private wallet, which you hold the private keys to, you’ll only have to verify the external wallet once as the wallet address is permanent. For exchange-based wallets, i.e., wallet addresses are on other crypto exchanges, you have to verify them whenever they change. This is because exchange-based wallets assigned to your account do change from time to time. |
Verifying your external wallet addresses before making any deposits or withdrawals
To prevent any delays in receiving or transferring out your crypto funds, it is recommended that you verify your external crypto wallet address before attempting to make any crypto deposits or withdrawals. The steps are as follows::
Log in to your Independent Reserve account. Click the username menu at the top of the page, select Settings, then click the Address Book tab. Click Add new address.
Select the Currency from the dropdown menu. Enter the wallet address and an address description which you can easily identify. Enter your Independent Reserve account password.
Click Add. You will receive a code via SMS on your mobile. Enter the code and click Confirm to authenticate the process.
Next, you will have to complete the self-declaration to confirm that you are the beneficial owner of this wallet*. Click Confirm.
*Please note that it is an offence to make false declarations in Singapore.
| Important: At the moment, we are unable to accept crypto assets from 3rd-party external wallets that do not belong to you. |
Verifying an external wallet for pending crypto deposits in your Independent Reserve account
You can also verify your external wallet after you have deposited the crypto assets into your Independent Reserve account. When you log in to your account, you‘ll see a notification bar on your dashboard indicating that there is a pending deposit from an unverified address. Click on Verify deposit to start the process.
Check the external wallet address and the deposit amount shown in the dialogue box to make sure they are accurate and true.
If the unverified external wallet belongs to you, select I made a transfer from a wallet address I own or control. Enter your full name, and select the address type from the drop-down menu.
If you have selected Other exchange, you must enter the name of the exchange or the provider of your private wallet.
Click Confirm. Your details will be verified instantly if the details you provided are accurate. You will receive your crypto assets after they have been confirmed on their respective blockchains.
| Important: At the moment, we are unable to accept crypto assets from 3rd-party external wallets that do not belong to you. Such crypto assets will be returned to the original sending wallet. |
Verifying your external wallet address to withdraw crypto assets from your Independent Reserve account
Log on to your Independent Reserve account. Click on Accounts. Find the cryptocurrency you wish to transfer out and click Withdraw.
You will be prompted to add and verify a crypto wallet address. Click Add and verify an address.
Complete the fields by entering the wallet address, and a description which you can easily identify this address with. Select the wallet type from the drop-down menu.
| Important: It is paramount that you enter the correct external wallet address. We cannot reverse the transaction sent to a crypto address which Independent Reserve does not manage. |
If you are withdrawing your crypto assets to another exchange or private wallet, you will be prompted to enter the name of the other exchange or wallet provider.
Enter your Independent Reserve account password. Click Next. You will receive a code via SMS on your mobile. Enter the code and click Next.
If the unverified external wallet belongs to you, select I am a beneficial owner of this wallet, then click Confirm. Your details will be verified instantly if the details you provided are accurate. You will be able to withdraw your crypto assets instantly. Otherwise, our support team may reach out to you if any additional information is required.
| Important: At the moment, Independent Reserve does not allow sending cryptocurrency assets to a third-party external wallet address, that is a wallet address that is not owned by you. |
