Australia Financial Regulator Austrac Grants Coinzoom Bitcoin Exchange A License
A new exchange has been recently added to Australia. Starting from today, December 3, Coinzoom Australia is a new official crypto exchange in the country. The announcement was made soon after the digital currency exchange received the license from the Australian regulator Austrac.
With this new license, Coinzoom Australia will now operate legally in the whole extension of the country and will be able to lawfully offer its services to citizens.
Coinzoom Australia will be a digital crypto exchange that will have fiat to crypto options and a support for some of the most high profile crypto assets like Bitcoin (BTC), Bitcoin Cash (BCH) and Ripple’s XRP token.
Todd Crosland, the CEO of Coinzoom, has affirmed that being fully regulated and registered will help the company a lot and is an important step for Coinzoom Australia as the company is set to offer the best-regulated services in the country for both retail and institutional investors.
The license was given by Austrac, the Australian Transaction Reports and Analysis Centre. The agency is run by the government of Australia and its main function is to monitor if the exchange and financial services in the country are compliant with the national law. It tracks evidence from organized crime, terrorism, illegal financial transactions and money laundering in the country, as well as fraud.
Coinzoom Australia To Be Launched In 2019
Now, as the company has its so-awaited license to operate in the country, the launch if near.
According to the original report, Coinzoom Australia will be launched in the first quarter of 2019 and any traders who are interested in using the services of the company will need to be compliant with both KYC (Know Your Customer) and AML (Anti Money Laundering) processes. Whitelisting is said to be quick but it will have to compliant with the laws from both Australia and the United States.
This new platform was created to cater especially to the local investors of Australia and to give them a simple way to use their credit cards and bank accounts to trade cryptos. The company was also reported to offer some additional features like debit cards that offer rewards for being used, social trading capabilities and a pattern recognition system.
Coinzoom Inc is the main company that will run Coinzoom Australia. The company is self-described as “an institutional grade digital currency platform” that allows the users to trade their digital assets (mostly the top coins of the market like Bitcoin and Ethereum).
The company is registered in all the 50 states of the U. S. and has started the process to offer remittance services in three American states: Florida, Maryland and Iowa.
Australia, A Crypto Hub
Slowly but surely, Australia is turning into a crypto hub. Even before Coinzoom Australia arrived in the country, many exchanges were already set there and were operating in a regulated way. The country is very enthusiastic about using the blockchain technology and a town in the county of Queensland has even claimed that it would become the first “digital currency town” with crypto payments in the whole country.
As a lot of Australians use cryptos, it is expected that they will be increasingly regulated in the country and that more and more people will start to use them as well.