BTC Markets is Australia’s first financial services company
Australia’s first licensed financial services provider is BTC Markets, an exchange that deals in bitcoins.
The license was given to BTCM Payments, a sister company of BTC Markets, by the Australian Securities and Investments Commission (ASIC).
With an Australian Financial Services (AFS) license, you can sell financial products, give advice on them, and trade them. Among other things, custodial or deposit services may also be offered.
Even though the country doesn’t have any laws, BTC Markets thinks this move will help it close the gap between traditional banking and crypto while giving its customers new options.
After almost two years of waiting, the company has finally gotten its AFS license.
BTC Markets is certified by both ISO for information security management and Blockchain Australia, which is the crypto industry council for that country.
When asked if the license would help her company get ready for upcoming regulations, BTC Markets CEO Catherine Bowler said it would help the company get SOC 2 accreditation (System and Organization Controls).
CoinGecko says that with a daily volume of $4.7 million, BTC Markets has become a major player in the Australian cryptocurrency market.
Customers of SelfWealth can trade Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Chainlink (LINK) on the exchange as of June 30. In February, the platform and the exchange reached a deal on how to work together.
Other exchanges have started to follow suit. Swyftx, an Australian cryptocurrency exchange, merged with Superhero, an online stock market investment platform, in a deal worth $1.5 billion.
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