Crypto.com, the crypto exchange and debit card provider, has completed the acquisition of an Australian financial services company in order to secure an Australian Financial Service License (ASFL).
It has been reported that the acquired firm, known as “The Card Group Pty Ltd,” has been described as specializing in “prepaid card, mobile, and wearable solutions” for enhancing cardholders’ engagement.
However, the firm was already approved by Australia’s Foreign Investment Review Board, paving the way for Crypto.com’s ASFL.
The report said that with an ASFL under its belt, Crypto.com will be licensed to legally issue its proprietary card in Australia and to establish direct relationships with domestic consumers along with actors in the wider Australian financial services system.
Crypto .com takes another step toward establishing a foothold in the Australian crypto market https://t.co/NJMQtYEkOt — Cointelegraph (@Cointelegraph) December 2, 2020
Likewise, Crypto.com, which operates an app, an exchange, and a DeFi wallet, as well as a Visa card, has already made some first steps toward establishing an Australian user base, as it recently enabled Australian dollar transfers in and out of its platform via NPP (PayID) or BPAY from user bank accounts.
All blockchain businesses whose activities encompass certain financial services are required to secure an ASFL to operate in Australia, which means they are obliged to comply with the country’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Australia is considered by crypto business operators to be “a relatively permissive jurisdiction” from a regulatory perspective.
Thus, from the perspective of blockchain technology more broadly, the country’s national blockchain roadmap has drawn some criticism for its ostensibly narrow vision.