Crypto.com to Debut in Australia Following the Acquisition of a Locally Licensed Entity
Crypto.com is set to roll out its services for the Australian market following the acquisition of a licensed entity dubbed ‘The Card Group Pty Ltd’; this automatically grants the crypto exchange and debit card provider an Australian Financial Service License (ASFL).
The acquisition of an ASFL license means that Crypto.com will offer its blockchain services, including a DeFi wallet and derivative products. Australia’s AML and Counter-Terrorism Financing Act 2006 requires particular financial services to acquire an ASFL license before kick-starting operations.
The Card Group Pty Ltd, which is the company that was acquired by Crypto.com, specializes in providing solutions to organizations that seek to grow engagement with cardholders. According to the background information on Crunchbase, some of its services include ‘prepaid cards, mobile, and wearable solutions.’
Crypto.com Expansion into Australia
This milestone by Crypto.com has given them the green light to debut their crypto services in Australia within the legalities provided. Consequently, the firm will expand its market share and stakeholder network within Australia’s financial services ecosystem. The firm had already started preparations, having recently enabled the transfer of Aussi dollars from bank accounts via BPAY; users can also opt for deposits via NPP (PayID).
Notably, Australia has been touted as one of the most legal certain jurisdictions by crypto stakeholders looking to debut their innovations or idea. The country began formulating its crypto oversight as early as 2014 before crypto got all the hype followed three years later. Crypto.com, which is domiciled in Hong Kong, also recently acquired a provisional license to operate in Malta, popularly referred to as the ‘blockchain island.’