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Financial Planning

BTC Markets gains ASFL

Melbourne-based BTC Markets has become Australia's first crypto exchange to successfully go through the full AFSL application process, via sister company BTCM Payments.

BTC Markets said the AFSL will enable it to further bridge the crypto and traditional finance gap and offer new products to its customers. The AFSL is currently focused on non-cash payment products and general advice, however variations may be added to the licence over time.

BTC Markets chief executive Caroline Bowler said the licence follows nearly 18 months of engagement with ASIC.

"We are incredibly pleased and proud to be the first crypto exchange in Australia to go through a full AFSL application process via our sister company, BTCM Payments," Bowler said.

"Our preference has always been to own our own AFSL rather than buying an existing one from a licence holder. We're 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."

She added that BTC Markets' AFSL will sit alongside its ISO certification and work for SOC 2 compliance.

This is BTC Markets' fourth strategic announcement in the last 12 months. It partnered with Volt Bank in September 2021, established a trading arrangement with online broker SelfWealth in February, and most recently signed a deal with Mastercard.

The crypto exchange has also successfully obtained professional indemnity insurance.

"We have really seen over the past 12 months the cryptocurrency landscape in Australia grow and evolve and we are now, more than ever, committed to ensuring that we stay at the forefront of the industry," Bowler said.

"From BTC Markets' point of view, it's about understanding the needs of our Australian consumers seeking to access crypto safely and securely."

Read more: BTC MarketsCaroline Bowler