BTC Markets Becomes The First Crypto Firm To Win Australian Financial Service License

With all the rough patches going around in the crypto industry, a piece of good news came in on Tuesday, the 21st of June. The Australian cryptocurrency exchange BTC just reported that their firm is the first crypto company to win the financial license given by the Australian Financial Service License (AFSL) based in the Australian Securities and Investments Commission (ASIC).

 

This license is essential in the sense that it will bridge the existing gap between crypto and traditional finance, which is extremely important in the financial world.

 

Caroline Bowler, the CEO of the BTC markets, stated in a discussion that their focus and priority was always to possess the AFSL for themselves rather than buying from a license holder as it’s more of a hassle that way.

 

The holders of the AFSL have the managing power to control and give an opinion on the processes that financial products go through; they advise their creation and deals as well, even though AFSL is not authorized to necessarily operate within the country.

 

This license was approved and issued by the authorized representative appointed by the higher management and BTC market’s sister company, BTCM Payments. Moreover, an industry conclusion was drafted by the Australian government regarding the custody requirements and licensing of crypto in the country. However, there hasn’t been an update regarding that report yet.

 

 

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