BTC Markets will first receive financial services license in Australia

BTC Markets will first receive financial services license in Australia

The large Australian crypto exchange BTC Markets announced on Monday that it is the first of its kind in the country to receive a financial service license through its sister company.

The Australian Financial Services License (AFSL), issued by the Australian Securities and Investments Commission (ASIC), was awarded to BTCM Payments. The license Ebnet BTC Markets is to offer cashless payment products and general financial advice.

BTC Markets was appointed authorized representative as part of the admission conditions. To the BTCM payments that was registered on August 5, 2020, it marks an almost two-year journey to get an AFSL via Asic, where it is allegedly "involved in solid and productive discussions" was.

BTC Markets said that the step would enable him to close the crypto and traditional financial gap and at the same time offer their customers new products. In Australia, those companies that offer financial services, advice and products have to register for a license via ASIC.

Crypto remains excluded from the list of companies that have to apply for a license due to delays in the regulations for digital assets in the country, although this is expected to change at some point next year.

"We always preferred to own our own AFSL instead of buying an existing one from a licensor," said Caroline Bowler, CEO from BTC Markets. "We are now the gentlemen of our own fate - we have a white vest and full control over the AfSL."

Bowler also said that the license would prepare its stock market business for the upcoming regulation and strengthen the existing ISO certification of BTC Markets and at the same time complement the progress in obtaining a voluntary compliance standards for service organizations (SOC 2).

It is the latest success for the experienced crypto marketplace that began its modest beginnings almost a decade ago. At the beginning of this year, the stock exchange concluded a contract with the Börsenmakler Selfwealth, which established it as the first traditional brokerage company in the country that offers its customers crypto.

"From an industry perspective, we want to show how crypto can stand next to the traditional financial industry in order to work seamlessly together in a financially integrative future," said Bowler.

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The contribution BTC Markets Gets Financial Services License in Australian First is not a financial advice.