Some jurisdictions impose mandatory restrictions on BTC and crypto companies. For example, the law requires that all crypto service companies and exchanges have financial licenses. Such laws are appropriate as more criminal activity and fraud are rampant through the use of cryptocurrencies.
As digital wealth and crime grow, many governments are at stake. They strive to keep up with the innovative and systematic movements of digital assets. This explains the surge in regulatory watchdogs within the crypto industry. Therefore, investors and other cryptocurrency participants can secure their funds when engaging in the digital space.
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BTC Markets, one of Australia’s crypto exchanges, is finally here Secure Financial services license. The Australian Securities and Investment Commission (ASIC), the country’s premier regulatory body, has issued a license to the company. According to the report, the license was issued to BTCMPayments, a sister company of the cryptocurrency exchange BTC Markets.
Currently, Australia has no compulsory and regulatory legislation binding on the operation of cryptocurrency companies. However, the exchange said that obtaining a license would put it in a good position to serve its customers. We can offer more new products and create a bridge between digital and traditional currencies.
This license makes Australia the first cryptocurrency exchange to receive financial approval. This means that it has been extended through the AFSL (Australian Financial Services License) application process through its subsidiaries. Therefore, the BTC market can boast of having an AFSL license.
BTC Markets had applied for a financial license as of August 2020. After waiting for two years, the crypto exchange finally got approval from ASIC.
Meaning of BTC market certification and financial license
In addition, Cryptographic Exchange has obtained Information Security Management Certification (ISO certification) from the International Organization for Standardization. Blockchain Australia, the national cryptocurrency industry, also approves crypto exchanges.
Financial services licenses provide the BTC market with many privileges for its operation. For example, a company can conveniently provide custody and deposit services such as trading and custody of financial assets and securities. You can also develop financial products and participate in various financial markets.
In February, the Australian cryptocurrency exchange signed a deal with SelfWealth, a stock market trading site. Trading will begin on June 30th and will focus on providing users with trading opportunities for some important assets. Some tokens include Bitcoin, ETH, LINK, UNI, and XRP.
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Regarding licensing, Catherine Bowler, CEO of BTC Markets, said it was a ready drive for their crypto company. It pushes them to a progressive achievement for certification with System and Organizational Controls (SOC) 2. The Australian crypto industry currently records BTC Markets as the best performing company.
Featured image from Twitter, chart from TradingView.com