TL; DR Breakdown
BTC Markets, a leading Australian bitcoin exchange that is based in Australia’s capital city of Canberra, has secured the country’s first-ever financial services license [AFSL] from its sister firm BTCM Payments.
In order to conduct a financial services business in the country, an AFS license is required. It allows the licensee to offer service, advice, deal, or market for a financial product. It also permits the provision of custodial or depository services, as well as other things.
In 2013, a startup was born in Australia called BTC Markets. It has since grown to become the country’s top cryptocurrency exchange, with over 325,000 local customers who have traded $21 billion on its platform.
BTC Markets is now the very first company in Australia’s history to be granted an AFSL for cryptocurrency services. This event is significant as it gives BTCM greater legitimacy and could pave the way for other exchanges to follow suit in obtaining an AFSL down the line.
The process of obtaining an AFSL was a long and arduous one for BTCM, taking over 18 months to complete. The company had to first establish a working group with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency.
In order to comply with AUSTRAC’s regulations, BTCM also had to implement a number of anti-money laundering and counter-terrorism financing measures.
BTC Markets’ CEO and Blockchain Australia member Caroline Bowler has doubled down on the newly-elected government to continue the work of the previous one, including a regulatory bill focused on digital assets.
“The digital currency industry globally is still in its early stages of development and there is a real opportunity for Australia to become a leading market.”
“It has always been our goal to lead by example and obtain the appropriate licenses and registrations to operate our business. We are proud to have achieved this milestone and look forward to continuing to work with regulators as the industry matures,” said BTC Markets CEO, Caroline Bowler.
This is a big step for the company and for the cryptocurrency space in Australia. It shows that the country is willing to work with digital currency businesses and help them grow and thrive.
It also paves the way for other crypto companies in Australia to follow suit and obtain the necessary licenses to operate legally in the country.
This is a major development for the cryptocurrency industry in Australia and it will no doubt have a positive impact on the growth of the space in the country.
BTC Markets is one of the most well-known and respected exchanges in Australia. The company has been a driving force behind the adoption of Bitcoin and other cryptocurrencies in the country.
The news of the company’s AFSL comes as a big boost to the cryptocurrency industry in Australia. It is a positive sign that the country is willing to work with digital currency businesses and help them grow and thrive.
Bowler Concluded by saying that there is a real opportunity for the government to make Australia a leading market in the digital currency space.
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