Crypto.com has announced receiving an Australian Financial Service License (AFSL) in order to issue debit cards to the residents of Australia. The license was approved by Australia’s Foreign Investment Review Board, a regulatory body that examines foreign players to invest in Australia. Obtaining an AFSL will enable Crypto.com to work within the local regulations of Australia.
Crypto.com Secures Financial Service License in Australia
The Australian Securities and Investments Commission has clearly emphasized that all the companies operating in the cryptocurrency market in Australia must secure AFSL to continue operating.
Moreover, the platform’s recent acquisition of the Card Group Pty. Ltd. will now enable the cryptocurrency exchange to offer its services in the country. Armed with an AFSL, Crypto.com can now legally issue its proprietary card in Australia.
The announcement note highlighted:
Crypto.com looks forward to working with local network schemes to speed the development of new features and functionality of products and services available to Australian customers. Securing an AFSL is yet another milestone in Crypto.com’s long-standing commitment to being licensed and working within the local regulatory frameworks in markets throughout the world.
Crypto.com has its headquarter in Hong Kong, serving over 5 million customers with its app, Visa card (which will be issued in Australia), Exchange, and DeFi wallet.
AFSL Is Not the Only License Received
Besides, AFSL is not the only license that Crypto.com has received. The firm has also recently secured a Financial Institution license along with a Class 3 Virtual Financial Assets (VFA) license from the Malta Financial Services Authority (MFSA).
Meanwhile, Kris Marszalek, Co-founder, and CEO of Crypto.com remarked on Crypto.com securing an AFSL:
“We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers. We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission.”