Australia-based BTC Markets is the first bitcoin exchange in the country with an official financial services licence. The license was issued by the Australian financial regulator to BTCM Payments, the sister company of BTC Markets.
Preparing for upcoming legislation
Although the license is not currently required to operate a bitcoin exchange in Australia, BTC Markets says they have secured the license primarily with an eye to the future. New legislation is on the way in Australia, and the license in question will make it easier for the exchange to meet the requirements that come with it.
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 attained
✅ISO Certified
✅SOC 2 on the way!#crypto #bitcoin #finance— BTC Markets (@BTCMarkets) June 21, 2022
Furthermore, the licence is obviously good for public confidence in the bitcoin exchange. In the eyes of the general public, the industry still has a high “Wild West 2.0” content, and steps like this help improve that image.
The licence BTC Markets obtained allows it to provide financial advice, trade, and create a market for financial products. It also makes it possible to manage assets for clients or open savings accounts.
Building a bridge between bitcoin and traditional finance
BTC Markets does not, in principle, need the licence for their current portfolio of operations but says it does so to build a bridge between bitcoin and the rest of the financial world and possibly offer new products to clients.
The award of the licence marks the end of a period of almost two years, as BTC Market already submitted its registration for the licence in August 2020. BTC Markets is a major player in Australia, with a daily trading volume of approximately 4.7 million Australian dollars.
Interestingly, in February, the company signed a deal with SelfWealth, an Australian platform on which users can trade stocks, and to give their users access to bitcoin from next June 30 as well. The deal is likely part of the proverbial ‘bridge’ that BTC Markets is trying to build with the traditional financial world.
