Sebastian Sinclair

<div id="highlights-block_62b103469c71b" class="highlights">
 <ul>
 <li>BTC Markets&#8217; sister company, BTCM Payments, has been awarded a financial services license from the securities regulator</li>
 <li>It marks the first time such a license has been handed to a crypto company in Australia</li>
 </ul>
 
</div>



Major Australian crypto exchange BTC Markets said Monday it has become the first of its kind in the country to receive a financial services license via its sister company.



The Australian Financial Services Licence (AFSL), issued by the Australian Securities and Investments Commission (ASIC), has been awarded to BTCM Payments, according to a statement. The license paves the way for BTC Markets to provide non-cash payment products and general financial advice.



 As part of the conditions surrounding licensure, BTC Markets has been appointed as an authorized representative. For <a href="https://opengovau.com/company/643241829" target="_blank" rel="noreferrer noopener">BTCM Payments</a>, which was registered on August 5, 2020, it marks an almost two-year journey to be granted an AFSL via ASIC, where it was said to be &#8220;engaging in robust and productive discussions.&#8221;



BTC Markets said the move will allow it to more closely bridge the crypto and traditional finance gap while offering new products to its customers. In Australia, those businesses offering financial services, advice and products must register for a license via ASIC.



Crypto remains excluded from the list of those companies required to apply for a license due to lagging regulations around digital assets within the country, though that is expected to change sometime next year.



&#8220;Our preference has always been to own our own AFSL rather than buying an existing one from a license holder,&#8221; BTC Markets CEO Caroline Bowler said. &#8220;We’re now the masters of our own destiny — we have a clean slate and full control over the AFSL.&#8221;



Bowler also said the license would prepare the exchange business for impending regulation and would bolster BTC Markets&#8217; existing ISO certification while complementing its progress in obtaining a voluntary compliance standard for service organizations (SOC 2).



It&#8217;s the latest win for the seasoned crypto marketplace which began operating nearly a decade ago. Earlier this year, the exchange inked a deal with stockbroker <a href="https://cms.blockworks.co/australian-broker-selfwealth-taps-btc-markets-to-offer-crypto-in-country-first/" target="_blank" rel="noreferrer noopener">SelfWealth</a>, establishing it as the first traditional brokerage firm in the country to offer crypto to its clients.



&#8220;From an industry perspective, we’re seeking to demonstrate how crypto can sit alongside traditional finance to seamlessly work together in a financially inclusive future,&#8221; Bowler said.



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Australia

BTC Markets Gets Financial Services License in Australian First

<div id="highlights-block_620c55a8ea5c3" class="highlights">
 <ul>
 <li>The platform has signed a deal with crypto exchange BTC Markets to offer crypto investing</li>
 <li>It&#8217;s the first time in Australia&#8217;s history that a broker of its kind will offer crypto to its clients</li>
 </ul>
 
</div>



Online Australian platform SelfWealth is expected to become the country&#8217;s first traditional stockbroker to offer cryptocurrencies to domestic clients.



According to a press release on Tuesday, the platform has signed a deal with one of the country&#8217;s longest-running crypto exchanges, BTC Markets, in a bid to open doors for SelfWealth clients to hold digital assets under one roof.



&#8220;Currently, moving between popular investment types usually requires access to multiple trading platforms and for investors to move money multiple times,&#8221; said SelfWealth CEO Cath Whitaker. &#8220;We wanted to make investing in cryptocurrency as seamless as possible.”



SelfWealth customers will be able to trade five cryptos, pending approval from financial watchdog AUSTRAC, though the specifics on which assets will be selected have not yet been disclosed.



&#8220;While the interface is going to be different, it’s still going through the exchange so no logistical or system difference,&#8221; BTC Markets CEO Caroline Bowler&nbsp;told Blockworks. &#8220;If you already have a SelfWealth account, you don&#8217;t need to set up a new BTC Markets account&#8230;that keeps all crypto, ASX, US and soon-to-be Singapore securities in one place.&#8221;



SelfWealth, an 11-year-old fintech, is Australia’s fourth-largest online brokerage platform with close to 120,000 active&nbsp;members and $8 billion in assets under management, according to the release.



The move extends upon SelfWealth&#8217;s seven-month search for a viable exchange partner which had scheduled to begin offering crypto to its customers by the end of last year. The broker said it decided to pursue crypto after it discovered more than 30% of its members were already trading in digital assets.



The island nation, which currently houses 800,000 crypto investors, is expected to introduce a new <a href="https://cms.blockworks.co/australia-set-to-overhaul-payments-legislation-creating-licensing-regime-for-crypto/" target="_blank" rel="noreferrer noopener">regulatory framework</a> this year for payments that will focus on creating a licensing regime for digital assets.



Earlier this month, the country gifted a grant to tax accountant Kova Tax for the development of its crypto tax reporting platform, <a href="https://cms.blockworks.co/australia-grants-277k-for-crypto-tax-reporting-software-in-country-first/" target="_blank" rel="noreferrer noopener">marking another first</a> as Australia begins to quicken the pace in crypto adoption, regulation and education.



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