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BTC Markets, Australia’s largest and most liquid reliable digital asset exchange, has become the first crypto firm in the nation to receive a financial services license. Interestingly, crypto firms don’t need a license to operate but the firm claims that it is preparing for the future.
BTC Markets prepares for upcoming regulations
Founded in 2013, BTC Markets has become a well-known crypto firm in Australia. The authorities in the nation have several times hinted that they are preparing regulations for the crypto market which will be rolled out in years to come. As a result, the Australian crypto exchange went ahead to gain a license to prepare for regulations in hopes of getting other complementary certifications.
BTC Markets announced their win via a Twitter post. The license was issued by the country’s financial regulator, the Australian Securities and Investments Commission (ASIC), to the sister company of the crypto firm, BTCM Payments.
Interestingly, an Australian Financial Services (AFS) allows the holders to give advice, deal in, and create a market for a financial product while also allowing firms the permit to provide custodial or depository services.
Australia to bring regulations soon
As previously reported by Cryptonary, Australia doesn’t want to get left behind when it comes to innovation and technology. This includes crypto assets as well. As per Treasurer Josh Frydenberg, the nation is planning to bring the biggest monetary reform in nearly 25 years which will also integrate and regulate crypto assets.
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