BTC Markets, an Australia-based crypto exchange, has obtained the country’s first financial services license for a Bitcoin and crypto-related company. The Australian Securities and Investments Commission (ASIC), the nation’s financial watchdog, granted the permit to BTCM Payments, a sister firm of BTC Markets.
The firm applied for the license in August of 2020. This marks the end of the two-year waiting period.
One can deal with, advise on, and promote financial products with an Australian Financial Services (AFS) license. In addition to other benefits, it allows the provision of custodial or depository services.
According to BTC Markets, the license enables it to better bridge the gap between conventional finance and cryptocurrencies while offering new solutions to its clients. Despite the lack of laws in the country, Bitcoin and digital asset companies don’t require an AFS to provide services.
BTC Markets is accredited by Blockchain Australia, the nation’s regulatory organization for the Bitcoin and general crypto industry. Not only that but the firm is also certified by the International Organization for Standardization (ISO) for information security management.
BTC Markets CEO Catherine Bowler stated that the license would support the company’s work toward acquiring a System and Organization Controls (SOC) 2 accreditation. It will also prepare her exchange firm for what she perceives to be coming regulations for Bitcoin and crypto markets.
BTC Markets and stock market trading app SelfWealth inked a contract in February to provide SelfWealth users access to trade Bitcoin (BTC), Ether (ETH), Ripple (XRP), Chainlink (LINK), and Uniswap (UNI) starting on June 30.
Other exchanges have also done the same. Swyftx, an Australian cryptocurrency exchange, and Superhero, an online stock trading platform, concluded a $1.5 billion merger earlier this month.
According to CoinGecko, BTC Markets has made a name for itself as a significant participant in the Australian cryptocurrency market with a daily volume of $4.7 million.