BTC Markets Becomes The First Australian Crypto Exchange To Obtain A Financial Services License

Melbourne-based cryptocurrency exchange BTC Markets has become the first crypto company in Australia to obtain a financial services license.

The exchange today announced that its sister company, BTCM Payments, has obtained an Australian Financial Services License (AFSL) from the Australian Securities and Investments Commission (ASIC).

Why this news? From the perspective of BTC Markets, one of Australia’s most successful and largest crypto exchanges, it represents a closer bridge between the traditional financial sector and crypto, while helping it to offer new products to its customers.

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BTC Markets has been trying to obtain this license for over 18 months – a license which currently focuses on cashless payment products and general advice, although additional variations may apparently be made to it over time.

“Our preference has always been to own our own AFSL rather than buying an existing one from a licensee,” said exchange CEO Caroline Bowler. “We are now the masters of our own destiny – we have a clean slate and full control over the AFSL.”

Bowler noted that the license will accompany his company’s International Organization for Standardization (ISO) certification and help it progress towards a System and Organization Controls (SOC) 2 certification.

She also believes the AFSL will help prepare the exchange for the “imminent regulation” of the crypto industry in Australia. That said, with the change of government, we do not yet know How? ‘Or’ What such regulation is imminent, and to what extent the “Bragg Report” – a series of innovation-friendly recommendations compiled last year – will be adopted or modified.

BTC Markets push for TradFi integration

The licensing news is BTC Markets’ fourth strategic announcement in the past 12 months.

It follows a partnership announcement with Volt Bank in September 2021 – which gives customers access to their banking platform as a service (BaaS); a commercial agreement with the online broker SelfWealth in February this year; and an agreement with Mastercard in March.

The exchange has also successfully secured professional indemnity insurance, which BTC Markets says has proven difficult for companies operating in the Australian crypto market.

“From an industry perspective,” Bowler said, “we seek to demonstrate how crypto can partner with traditional finance to work together seamlessly in a financially inclusive future.”

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BTC Markets Becomes The First Australian Crypto Exchange To Obtain A Financial Services License


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