BTC Markets Becomes First Australian Crypto Firm To Get Financial Services License
Australian Financial Service License
Modified Date:- Published Date:-Categories: Bitcoins
Australian-based cryptocurrency exchange BTC Markets has become the first crypto company in the country to gain a financial services license. The license was issued by the countrys financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets sister company BTCM Payments. An Australian Financial Services (AFS) license allows the holder to advise, deal and market for a financial product. It also allows the provision of custodial or depository services, apart from other allowances. BTC Markets has a certification from the International Organization for Standardization (ISO) for the Management of Information Security and is certified by the country's crypto industry body, Blockchain Australia. BTC Markets has established itself as a key player in the Australian crypto industry with $4.7 million in daily volume, according to CoinGecko. Other exchanges have followed suit. Earlier this month, Australian crypto exchange Swyftx completed a $1.5 billion merger deal with online stock market investing platform Superhero
BTC Markets says the license will enable them to further bridge the gap between crypto and traditional finance. Our preference has always been to enjoy our own AFSL rather than buying an being one from a license holder, ” said BTC Markets CEO Caroline Bowler, via a statement. While an AFSL isn't needed to operate a crypto exchange in the country, holders have the authority to advise, produce and deal in fiscal products. The license was issued through BTC Market’s family company BTCM Payments, which has been appointed as an authorized representative. Australia’s government lately concluded an assiduity discussion on crypto licensing and guardianship conditions in the country. Findings haven't been reported as of press time.