As the usage of digital assets and criminal activities grows, regulation becomes a necessity. Governments are striving to keep up with the innovative crypto industry.
This accounts for the rise in crypto regulations recently. These regulations aim to protect the funds and rights of investors in the crypto space.
BTC Markets Receives License From ASIC
According to reports, ASIC has granted Australia-based crypto exchange BTC Markets a license. ASIC (Australian Securities and Investments Commission) is the regulatory watchdog in Australia that oversees the crypto sector.
Also, the report states that ASIC gave the license to BTCM Payments. BTC Payments is the sister firm to BTC Markets. Currently, there are no regulatory laws guiding the operation of crypto exchanges in Australia.
However, BTC Markets’ latest license would allow it to serve its users well. Consequently, it can offer more products and develop a bridge that would link traditional and digital currencies.
Meanwhile, BTC Markets is the firm’s crypto firm to receive financial approval in Australia. This means the Australian Financial Services License (AFSL) accepted the crypto firm’s application.
It is worthy to note that BTC Markets applied for this license in 2020. The crypto firm finally received the license from the Australian regulator after two years of waiting.
Implications Of BTC Markets’ Financial License And Other Licenses
Apart from the financial service license, the crypto firm received another license. The ISO (International Organization for Standardization) gave BTC Markets the certificate for information security management.
Australia’s crypto industry, Blockchain Australia, had also licensed the cryptocurrency exchange. BTC Markets’ latest license provides the company with several privileges in Australia.
For instance, the company can now offer depository and custodial services. These services include storing and trading financial securities and assets. Also, it can create financial products and take part in various financial markets.
Earlier in February, the Australia-based crypto firm entered into a deal with SelfWealth. SelfWealth is a platform for stock market trading.
As per reports, the deal will commence on the 30th of June. The deal aims to provide consumers with trading services for top-ranking assets. These assets include XRP, BTC, LINK, ETH, and UNI.
According to BTC Markets’ CEO, Catherine Bowler, this is a great move for the cryptocurrency firm. It will push them to get certification from the System and Organizational Controls (SOC).
Meanwhile, there are several crypto exchange firms in Australia. However, BTC Markets is the crypto firm with the best performance and customer base.