Australia's BTC Markets Acquires Financial Services License From ASIC

Australia's BTC Markets Acquires Financial Services License From ASIC

It has been almost two years since the company registered the Australian Financial Services (AFS) license through ASIC back on August 5, 2020.

On June 20, BTC Markets, the biggest crypto exchange in Australia, announced that it was the first entity in the country to receive a financial services license. The permit will reportedly provide the platform with the ability to offer various financial advisory services and payment products that don’t include cash.

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The official statement states that BTC Markets gained the license from the Australian Securities and Investments Commission (ASIC) through its sister company dubbed BTCM Payments.

According to BTC Markets, the grant will allow the exchange to bridge the crypto-traditional financial divide more tightly. On top of that, this will pave the way for the company to also bring new products to a major part of its consumers.

Furthermore, Catherine Bowler, CEO of BTC Markets, mentioned that the financial services license is a perfect opportunity for the exchange to prepare for the upcoming regulation. Likewise, it will reportedly provide a great deal of support for the company in receiving a System and Organization Controls (SOC) 2 certification.

Bowler also added that one of the BTC Market’s objectives is to display how different digital assets can work shoulder to shoulder “in a financially inclusive future.”

As stated by the CEO, the company has always been keen on receiving its own ASFL instead of purchasing “an existing one from a license holder.” She added:

“We’re now the masters of our own destiny – we have a clean slate and full control over the AFSL.”

Earlier this year, BTC Markets shook hands with one of Australia’s most popular low-cost share trading platforms dubbed SelfWealth to introduce its users to the possibility of trading Bitcoin (BTC), Ethereum (ETH), Uniswap (UNI), Chainlink (LINK), and Ripple (XRP) from the end of this month.

In other news, on June 2, Singapore’s cryptocurrency exchange business Crypto.com announced that it successfully secured its Virtual Asset MVP License that was provided by Dubai Virtual Assets Regulatory Authority (VARA).

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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