BTC Markets has made history as the first crypto service provider in Australia to be issued an operational license to legally trade digital assets. According to the announcement shared by the company, the cryptocurrency firm noted that its affiliate firm, BTCM Payments is the first to go through the process of obtaining an Australian Financial Services License (AFSL).
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
It is worth noting that the Australian government does not currently regulate cryptocurrency trade. Hence, several crypto firms operate in the company without licenses. Despite this, BTC Markets has opted to get the license because it wants to offer new and innovative crypto products and services to digital assets patronizers in the country.
The crypto exchange noted that the new development will further enable it to bridge the gap between crypto-assets services and traditional finance. Much more than offering cryptocurrency services, the firm will be offering financial products, services, and advice to its customers.
To complete the license application process, the Australian crypto exchange firm is to get the AFSL approval, be certified by ISO, and get SOC 2 documentation. The company has achieved the first two approvals, remaining the last, which it noted that it is “on the way”.
Commenting on the recent move, the CEO of BTC Markets, Caroline Bowler noted that it has been the choicest desire of the firm to get its own license from the regulator. The exchange had no plans to buy from an existing holder of the license.
She added that the license will prevent the crypto exchange from possible future regulation changes from the government. Furthermore, it will generally improve the status of the company.
While the Australian government’s ecosystem does not regulate digital assets, crypto firms in the country have pioneered major innovations in the cryptocurrency industry.
In May, a crypto firm in the country, Cboe Global Markets launched the first Exchange Traded Fund (ETF) in the nation. The digital asset class comprises 21 shares of Ethereum (ETH) ETF, Bitcoin (BTC) ETF, and Cosmos Purpose Bitcoin Access ETF. As of the time of the launch, the crypto assets had amassed approximately $1.3 million.