Australia-based cryptocurrency exchange BTC Markets has become the first cryptocurrency company in the country to receive a financial services license.
The license is issued by the state financial institution Regulatorthe Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister company BTCM Payments.
We have exciting news to announce:
BTC Markets is the first Australian cryptocurrency exchange to successfully go through the full AFSL application process through our sister company BTCM Payments!
— Bitcoin Markets (@BTCMarkets) June 21, 2022
An Australian Financial Services (AFS) license allows holders to advise, trade and create markets for financial products. It also allows for custodial or custodial services, among other privileges.
While crypto and digital asset companies do not need AFS to provide services because Lack of regulation in the countryBTC Markets said the move allows it to more closely bridge the gap between traditional finance and cryptocurrencies, while offering new products to its clients.
This marks the end of the company’s nearly two-year wait for an AFS license registered in August 2020.
BTC Markets is certified by the International Organization for Standardization (ISO) for Information Security Management and is Certified by the country’s cryptocurrency industry bodyAustralian Blockchain.
BTC Markets CEO Catherine Bowler said the license will prepare her trading business for what she believes is upcoming regulation and complements its progress towards achieving System and Organizational Controls (SOC) 2 certification.
According to CoinGecko, BTC Markets has become a major player in the Australian cryptocurrency industry with a daily trading volume of $4.7 million.
In February, the exchange signed an agreement with stock market trading platform SelfWealth to offer SelfWealth users the ability to trade bitcoin (bitcoin), Ethereum (Ethereum), ripple (Ripple), chainring (association) and Uniswap (Unite) starting June 30.
Other exchanges have followed suit. Earlier this month, Australian cryptocurrency exchange Swyftx Completed $1.5 billion merger transaction with Superhero, an online stock market investment platform.