Introduction
Managing cryptocurrencies efficiently requires seamless integration between exchanges and external wallets. This guide explains how to link, verify, and use external wallets for depositing and withdrawing cryptocurrencies on Independent Reserve, ensuring compliance with Singapore’s Travel Rule regulations.
Table of Contents
- Understanding Singapore’s Crypto Travel Rule
- How to Verify an External Wallet
- Depositing Crypto to Independent Reserve
- Withdrawing Crypto to External Wallets
- FAQs
Singapore’s Crypto Travel Rule Explained
Since January 2020, the Monetary Authority of Singapore (MAS) enforces the Travel Rule to combat money laundering and terrorism financing in digital payment token services. Key points:
- Implemented via MAS PSN02 Notice.
- Requires Virtual Asset Service Providers (VASPs) like Independent Reserve to verify wallet ownership for transactions.
- Non-compliance may result in penalties or frozen transactions.
Independent Reserve’s AML Policy:
- Mandates wallet verification for deposits/withdrawals.
- Prohibits third-party wallet transfers.
👉 Learn more about crypto compliance
How to Verify an External Wallet
Step-by-Step Guide:
- Log in to your Independent Reserve account.
- Navigate to Settings > Address Book > Add New Address.
- Select the cryptocurrency, enter the wallet address, and a description.
- Confirm via SMS verification and declare beneficial ownership.
Note:
- Private wallets (e.g., Ledger, Trezor) require one-time verification.
- Exchange wallets (e.g., Binance, Coinbase) need re-verification if addresses change.
Depositing Crypto to Independent Reserve
After initiating a deposit:
- Check the pending deposit notification in your account.
- Click "Verify Deposit" and confirm wallet ownership.
- Funds are credited after blockchain confirmation.
Important:
- Transfers from unverified third-party wallets are automatically rejected.
Withdrawing Crypto to External Wallets
- Go to Accounts > Select Cryptocurrency > Withdraw.
- Add/verify the external wallet address.
- Enter wallet details (type, provider name if applicable).
- Complete SMS verification and confirm ownership.
👉 Explore secure crypto wallets
Critical Reminder:
- Double-check wallet addresses. Transactions cannot be reversed.
FAQs
1. Why is wallet verification required?
To comply with Singapore’s Travel Rule and prevent illicit activities like money laundering.
2. Can I use an unverified wallet?
No. Deposits/withdrawals require pre-verified addresses.
3. How long does verification take?
Usually instant if details are accurate. Delays may occur if manual review is needed.
4. What happens if I send crypto from a third-party wallet?
Funds are automatically returned to the sender’s wallet.
5. Are exchange wallets and private wallets treated differently?
Yes. Exchange wallets need re-verification if addresses change; private wallets do not.
6. Is there a fee for wallet verification?
No. Independent Reserve does not charge for this service.