BTC Markets, an Australian-based cryptocurrency exchange has become the first crypto company in the country to gain a financial services license.
iexclusivenews reports that the license was issued by the country’s financial regulator. The Australian Securities and Investments Commission (ASIC). To BTC Markets’ sister company BTCM Payments.
What You Should Know
An Australian Financial Services (AFS) license permits the holder to provide financial product advice, deal in it, and develop a market for it. Among other things, it allows for the provision of custodial or depository services.
Due to the lack of regulation in the country. Crypto and digital asset companies are not required to have an AFS to provide services.
However, iexclusivenews reports that BTC Markets claims that the move will allow it to more closely bridge the gap between traditional finance and crypto while also offering new products to its customers.
It brings the firm’s AFS license, which was registered in August 2020, to a close after an almost two-year wait.
The International Organization for Standardization (ISO) has accredited BTC Markets for information security management. And the country’s crypto industry organization, Blockchain Australia, has also certified the company.
BTC Markets CEO Catherine Bowler said the license will help her exchange, prepare for imminent legislation. And would support the company’s efforts to get a System and Organization Controls (SOC) 2 accreditation.
We have an exciting announcement to make:
BTC Markets is the first Australian crypto exchange to successfully go through the full AFSL application process via our sister company, BTCM Payments!
— BTC Markets (@BTCMarkets) June 21, 2022
According to CoinGecko, BTC Markets has established itself as a prominent participant in the Australian crypto market, with daily turnover of $US4.7 million.
The exchange announced in February that starting June 30, customers of the stock market trading platform SelfWealth. Will be able to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Chainlink (LINK), and Uniswap (UNI).
Meanwhile, iexclusivenews Nigeria reports that other exchanges have adopted the same strategy.
Swyftx, an Australian crypto exchange, merged with Superhero, an online stock market investment platform, for $1.5 billion earlier this month.