BTC Markets first crypto firm to win Australian Financial Service License

Australian cryptocurrency exchange BTC Markets announced on Tuesday it has become the first crypto firm to receive an Australian Financial Service License (AFSL) from the Australian Securities and Investments Commission (ASIC).

Fast facts

• BTC Markets says the license will enable them to further bridge the gap between crypto and traditional finance.
• “Our preference has always been to own our own AFSL rather than buying an existing one from a license holder,” said BTC Markets CEO Caroline Bowler, via a statement.
• While an AFSL is not required to operate a crypto exchange in the country, holders have the authority to advise, create and deal in financial products.
• The license was issued through BTC Market’s sister company BTCM Payments, which has been appointed as an authorized representative.
• Australia’s government recently concluded an industry consultation on crypto licensing and custody requirements in the country. Findings have not been reported as of press time.