The First Cryptocurrency Company to Receive an Australian Financial Service License is BTC Markets
- BTC Markets has been operational since 2013 and has built up a strong reputation in the Australian market
This is a huge win not only for BTC Markets but also for the cryptocurrency industry as a whole. Receiving an AFSL from ASIC is a rigorous process, and BTC Markets is the first exchange to successfully navigate it. This news will no doubt attract more institutional investors to the space, as they now have access to a compliant and regulated platform on which to trade digital assets.
BTC Markets has been operational since 2013 and built a strong reputation in the Australian market. With this new license, the exchange is looking to expand its services beyond its home country and Asia. This move will help legitimize cryptocurrencies in the eyes of regulators and mainstream financial institutions.
The successful completion of this process by BTC Markets paves the way for other exchanges to follow suit. We can expect to see more licensed exchanges popping up in Australia and around the world in the near future.
BTC Markets, one of the largest cryptocurrency exchanges in Australia, has announced that it has been granted a Financial Services License by the country’s financial regulator. The license will allow BTC Markets to provide a wider range of financial services to its clients, including crypto-to-fiat currency trading and other traditional banking services.
According to BTC Markets, the license will help them narrow the gap between cryptocurrencies and conventional finance even more. The exchange already offers a number of fiat-to-crypto trading pairs, but with the addition of new services like crypto-to-fiat trading, BTC Markets will become an even more attractive destination for both retail and institutional investors.
The news comes as Australia is emerging as one of the most favorable jurisdictions for cryptocurrency and blockchain businesses. Recently, the Australian Securities Exchange (ASX) announced that it was planning to use blockchain technology to replace its existing settlement system. If successful, ASX would be the first major financial market Infrastructure provider in the world to use blockchain technology.
The license was granted to BTCM Payments, a sister business of BTC Markets that has been designated as an approved representative. This is a significant milestone for BTC Markets and underscores their commitment to providing a safe, secure, and compliant platform for our customers.