One of Australia’s crypto exchanges, BTC Markets has become the first firm in the nation to acquire an economic service permit.
The permit issuance was made known in the early hours of Tuesday through a tweet from BTC Markets stating, “We have an exciting announcement to make: BTC Markets is the first Australian crypto exchange to successfully go through the full AFSL application process via our sister company, BTCM payments.”
An issued permit from the AFSL authorizes a company to give out advice, freely navigate the market with various financial products as well as supervise and provide depository assistance.
Although most virtual assets firms do not need an AFSL permit to freely render their crypto service, BTC Markets explains that such steps give them the comfort of being nothing less than traditional finance while they render diverse products to their customers.
BTC Markets had registered for this permit since August 2020 and the wait has finally come to an end. The firm keeps its head up as a major player in the Australian virtual asset industry with a daily traded share of about $4.7 million as reported by CoinGecko.
The firm has also been certified by the likes of Blockchain Australia and the International Organization for Standardization for the management systems.