One of Australia’s digital asset exchanges, Independent Reserve has announced plans to expand in Singapore, according to an official statement released by the exchange on Friday, January 24th. The exchange looks to expand in APAC region following the introduction of new regulations in Singapore regarding payment services, including those used for digital currency transactions.

According to Finance Magnates, the exchange’s CEO, Adrian Przelozny said that the move follows “a number of positive moves by Singaporean regulators, including the introduction of the Payments Services Act by the Monetary Authority of Singapore (MAS).”

The exchange is one of a few firms that was able to adhere to anti-money-laundering, counter-terrorism financing laws laid out by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that were laid out in 2018. More recently, according to CoinMarketCap, the exchanges 24-hour trading volume was equivalent to US$1,062,196, and with 27 open markets.