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Australian-based digital currency trade BTC Markets has become the first crypto firm in the country to acquire a financial license. The permit was given by the country's monetary controller, the Australian Securities and Investments Commission (ASIC), to BTC Markets' affiliated business, BTCM Payments. https://twitter.com/BTCMarkets/status/1539060678085922816
Australian Financial Services
An Australian Financial Services (AFS) license permits the holder to provide financial product advice, deal in it, and develop a market for it. Among other things, it allows for custodial or depository services. Due to the lack of regulation in the country, crypto and digital asset companies are not required to have an AFS to provide services. However, BTC Markets claims that the move will allow it to more closely bridge the gap between traditional finance and crypto while offering new products to its customers. It brings the firm's AFS license, which was registered in August 2020, to a close after an almost two-year wait. The International Organization for Standardization (ISO) has accredited BTC Markets for information security management, and the country's crypto industry organization, Blockchain Australia, has also certified the company. BTC Markets CEO Catherine Bowler said the license will help her exchange prepare for imminent legislation and would support the company's efforts to get a System and Organization Controls (SOC) 2 accreditation.
Australian Crypto Market
According to CoinGecko, BTC Markets has established itself as a prominent participant in the Australian crypto market, with a daily turnover of $US4.7 million. The exchange announced in February that starting June 30, customers of the stock market trading platform SelfWealth will be able to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Chainlink (LINK), and Uniswap (UNI). Other exchanges have adopted the same strategy. Swyftx, an Australian crypto exchange, merged with Superhero, an online stock market investment platform, for $1.5 billion earlier this month.