The cryptocurrency exchange Australia-based BTC Markets has become the country’s first cryptocurrency company to obtain a financial services license.
The license was issued by the country’s financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister company, BTCM Payments.
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!
✅AFSL maintained
✅ISO Certified
✅SOC 2 on the way!#crypto #bitcoin #financial— BTC Markets (@BTCMarkets) June 21, 2022
We have an exciting announcement to make:
BTC Markets is the first Australian crypto exchange to have successfully passed the full AFSL application process through our sister company, BTCM Payments!
✅AFSL achieved
✅ISO Certification
✅SOC 2 on the way #crypto #bitcoin #finance
An Australian Financial Services (AFS) license allows its holder to advise, trade and create a market for a financial product. It also allows the provision of custody or deposit servicesamong other advantages.
Although cryptocurrency and digital asset companies do not need an AFS to provide services due to the lack of regulation in the country, BTC Markets says the move allows it to bridge traditional finance and cryptocurrencies more closely while offering new products to its customers..
Marks the end of a nearly two-year wait for AFS license signingwhich was registered in August 2020.
BTC Markets is certified by the International Organization for Standardization (ISO) for information security management and is certified by the country’s cryptocurrency industry body, Blockchain Australia.
BTC Markets CEO Catherine Bowler said that the license would prepare its exchange business for what it believes to be imminent regulation and complements its progress in obtaining a Systems and Organizational Controls (SOC) 2 certification.
BTC Markets has established itself as a key player in the Australian cryptocurrency industry with a daily volume of $4.7 millionaccording to CoinGecko.
In February, the exchange signed an agreement with trading platform SelfWealth to offer SelfWealth users access to trade bitcoin (BTC), Ether (ETH), Ripple (XRP), Chainlink (LINK), and Uniswap (UNI). ) starting June 30.
Other exchanges have followed suit. Earlier this month, Australian crypto exchange Swyftx completed a $1.5 billion merger deal with online trading platform Superhero.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.