BTC Markets granted AFSL

Melbourne-based blockchain firm BTC Markets has announced that it has been issued with an Australian Financial Services Licence (AFSL), through its sister company BTCM Payments.

The firm said it had made it the first crypto exchange in Australia which had managed to successfully gone through nearly 18 months full application process.

Under the new license, which currently focuses on non-cash payment products and general advice, BTCM Markets has been appointed an authorised representative (AR).

The firm also said it believed that obtaining the AFS licence would enable it to “further bridge the crypto and traditional financial gap”.

BT Markets’ chief executive, Caroline Bowler, added that owning its own AFSL had been always the priority over buying an existing AFS licence from another licence holder.

“We are now the masters of our own destiny – we have a clean slate and full control over the AFSL. It also readies our organisation for impending Australian regulation which we will welcome in due course. Our AFSL will sit alongside our ISO certification and work for SOC 2 compliance,” she noted.

“From BTC Markets’ point of view, it’s about understanding the needs of our Australian consumers seeking to access crypto safely and securely. From an industry perspective, we’re seeking to demonstrate how crypto can sit alongside traditional finance to seamlessly work together in a financially inclusive future.”