Crypto.com Receives an Australian Financial Service License

Crypto.com, a cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and debit card provider announced today that it has secured an Australian Finance Service License (AFSL) in order to issue cards to Australian residents. The recent acquisition of The Card Group Pty Ltd enables crypto.com to offer its services to Australians.

In an official announcement released on 2 December, the exchange outlined its commitment to work within the domestic regulatory frameworks in different markets across the world. Crypto.com recently enabled Australian Dollar transfers in and out of the platform via NPP and BPAY.

Founded in 2016, the company claims to have more than 5 million clients worldwide. Through AFSL, crypto.com plans to start domestic issuance of cards in the Australian region. The debit card provider outlined the importance of a direct relationship with Australian customers and the Australian financial ecosystem.

“We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers. We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission,” Kris Marszalek, Co-founder and CEO of Crypto.com, said in a statement.

Regulatory Approvals

AFS license is the latest addition to the company’s growing portfolio of global regulations. Crypto.com recently secured a Financial Institution license along with a Class 3 Virtual Financial Assets (VFA) license from the Malta Financial Services Authority (MFSA). The Australian Securities and Investments Commission clearly stated that all the companies operating in cryptocurrency markets in Australia must secure AFSL to continue operations. Crypto.com also mentioned its plan to expand services in the region through innovative products.

“Crypto.com looks forward to working with local network schemes to speed the development of new features and functionality of products and services available to Australian customers,” the official statement added.

Crypto.com is currently headquartered in Hong Kong and has more than 600 employees around the world.