Crypto.com Receives Australian Finance Service Licence To Issue Its Debit Card To Australian Residents

Digital currency exchange and debit card provider, Crypto.com has announced securing an Australian Finance Service License (AFSL) to issue a debit card to Australian customers. The Australian Foreign Investment Review Board gave the Hong-Kong based exchange approval to operate with local regulatory frameworks.

Crypto.com permitted to operate in Australia

With the recent The Card Group Pty Ltd acquisition, Crypto.com will now offer its services to Australian residents. The Card Group specializes in mobile, wearable solutions, and prepaid cards to enhance cardholder engagement. With the ASFL, the company can legally issue its card in Australia and forge direct domestic relationships with consumers alongside other Australian financial services system actors.

The company, which runs an app, a DeFi wallet, and an exchange as well as a card, has been making strides in establishing a user base in the country. Recently it enabled Australian dollar transfers into and out of its platform through BPAT or NPP (PayID) from user bank accounts. Crypto.com, which was established in 2016, currently has more than 5 million customers globally.

Kris Marszalek, Crypto.com’s CEO and co-founder, indicated in a statement that they are delighted to secure the AFSL. He added that they are looking forward to establishing direct relationships with Australian customers. Kris said that the company is committed to accelerating the transition to crypto across the globe. Further, he indicated that working with established regulatory frameworks in markets they operate in is an important pillar in realizing its mission.

Businesses have to abide by Australian regulations governing crypto operations

In Australia, the ASFL is mandatory for all blockchain businesses involved in financial services. This implies that the businesses have to oblige with the 2006 Counter-Terrorism Financing Act and Ant-Money Laundering laws in the country.

Cryptocurrency business operators consider Australia a “relatively permissive jurisdiction” in terms of regulations. The country has already drawn regulations to safeguard long-term awareness of the industry. Unfortunately, from the blockchain technology standpoint, Australia has been on the receiving end of criticism because of its narrow national blockchain pathway.