BTC Markets becomes first Australian crypto firm to get a financial services license

Australian-based cryptocurrency trade BTC Markets has grow to be the first crypto firm within the nation to acquire a financial services license.

The license was issued by the nation’s financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister firm BTCM Payments.

We have an thrilling announcement to make:

BTC Markets is the first Australian crypto trade to efficiently undergo the complete AFSL software course of by way of our sister firm, BTCM Payments!

✅AFSL attained
✅ISO Certified
✅SOC 2 on the best way!#crypto #bitcoin #finance

— BTC Markets (@BTCMarkets) June 21, 2022

An Australian Financial Services (AFS) license permits the holder to give recommendation, deal in, and create a marketplace for a financial product. It additionally permits the availability of custodial or depository services, amongst different perks.

While crypto and digital asset firms don’t require an AFS to present services due to the lack of regulation in the country, BTC Markets says the transfer permits it to extra intently bridge the hole between conventional finance and crypto whereas providing new merchandise to its prospects.

It marks the tip of an nearly two-year anticipate the firm for the AFS license, which was registered in August 2020.

BTC Markets has certification from the International Organization for Standardization (ISO) for data safety administration and is certified by the country’s crypto industry body, Blockchain Australia.

BTC Markets CEO Catherine Bowler mentioned the license would put together her trade enterprise for what she believes is impending regulation and enhances its progress in acquiring a System and Organization Controls (SOC) 2 certification.

Related: Binance Australia CEO: Regulations will establish higher standards in crypto

BTC Markets has established itself as a key participant within the Australian crypto business with $US4.7 million in each day quantity, in accordance to CoinGecko.  

In February, the trade signed a take care of the inventory market buying and selling platform SelfWealth to provide SelfWealth customers entry to commerce Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Chainlink (LINK), and Uniswap (UNI) from June 30.

Other exchanges have adopted go well with. Earlier this month, Australian crypto trade Swyftx completed a $1.5 billion merger deal with on-line inventory market investing platform Superhero.