Sister Company, BTCM Payments, Granted AFSL

Jun 22nd 2022

After nearly 18 months of hard work leading the regulatory charge and engaging the Australian Securities and Investments Commission (ASIC) in robust and productive discussions, we are incredibly proud to announce that we have successfully applied for and received a full Australian Financial Services License (AFSL) via our sister company, BTCM Payments, making us the first crypto exchange in Australia to successfully navigate this process.

The AFSL is currently focused on non-cash payment products and general advice, however additional variations may be made to the license over time. This will enable BTC Markets to further bridge the crypto and traditional finance gap and offer new and innovative products to our customers.

BTC Markets CEO Caroline Bowler said: “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. This follows nearly 18 months of engagement with ASIC.

“Our preference has always been to own our own AFSL rather than buying an existing one from a license 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. Our AFSL will sit alongside our ISO certification and work for SOC 2 compliance.”

This follows a number of strategic announcements in the last twelve months including a trading arrangement with online broker SelfWealth in February this year; and most recently a deal with Mastercard in March.

We have also successfully obtained professional indemnity insurance, which to date has proved challenging for businesses operating in the cryptocurrency market in Australia.

“We have really seen over the past twelve 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.”

“From BTC Markets’ point of view, it’s about understanding the needs of our Australian consumers seeking to access crypto safely and securely,” Ms Bowler added.

“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”.

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