BTC Markets anticipates Australian regulations, gains financial services license
Ahead of expected regulations, the Australian-based BTC Markets has become the first crypto company to gain a financial services license.
This means that BTC Markets is now licensed to give financial advice, deal in and create a market for a financial product. Currently, companies involved in digital assets don’t actually need this license to provide services, however, the expectation is that sooner or later the regulators will catch up and this will become mandatory. BTC Markets has got the jump on the industry by being the first.
The company first registered for the license back in 2020. In addition to demonstrating that it can provide advice and products to the market, the license means that BTC Markets is now ISO Certified for security, and has SOC 2 certification on the way.
Earlier this year, BTC Markets formed a partnership with share trading platform, SelfWealth, that would allow its users to invest in cryptocurrency directly. Local players such as BTC Markets will likely have to fend of moves from large global exchanges in the months ahead, as the local market takes off. Bahamas-based FTX has already flagged an imminent launch in Australia, for example.