The provider of cryptocurrency exchanges and debit cards Crypto.com has completed the acquisition of an Australian financial services company to obtain an Australian financial services license (ASFL).
The acquired company, called The Card Group Pty Ltd, specializes in “prepaid cards, mobile and portable solutions” to improve cardholder engagement. Basically is The company has already been approved by the Australian Foreign Investment Review Board and is paving the way for Crypto.com’s ASFL.
With an ASFL, Crypto.com will be licensed to legally issue its proprietary card in Australia and develop direct relationships with domestic consumers along with players from the broader Australian financial services system.
Crypto.com, which operates an app, exchange, and DeFi wallet, as well as Visa card, has already taken some initial steps to build an Australian user base.to; Recently, Australian dollar transfers to and from the platform via NPP (PayID) or BPAY from user bank accounts have been enabled.
All blockchain companies whose activities involve certain financial services must secure an ASFL to operate in Australia. This means that they must comply with the Anti-Money Laundering and Terrorist Financing Act 2006.
As described in a recent Cointelegraph analysis, cryptocurrency company operators view Australia as a “relatively acceptable jurisdiction” from a regulatory perspective. The measures the country has put in place so far are based on a long-term emerging sector awareness that dates back to 2014, well before the 2017 hype and uptrend in the asset class.. From a blockchain technology perspective in general, however, the country’s national blockchain roadmap has generated some criticism of its seemingly narrow vision.