Crypto.com Lands Australian Financial Service License (AFSL)

UTC by Benjamin Godfrey · 3 min read
Crypto.com Lands Australian Financial Service License (AFSL)
Photo: Crypto.com Official Blog

The Crypto.com company currently serves up to 5 million customers providing them with a powerful alternative to traditional financial services.

Payment service provider Crypto.com has secured the Australian Financial Service License (AFSL), further advancing the platform’s reach to expand its services to the Australian populace. According to a press release shared with Coinspeaker, Crypto.com secured the Australian Financial Service License following the acquisition of The Card Group Pty Ltd, a New South Wales payment firm that is licensed by the Australian Foreign Investment Review Board.

Finding favor with regulators around the world has proven to be a bit of a task for cryptocurrency-based firms around the world. With different country’s regulators having different regulations when it comes to cryptocurrencies, it is apparent that a company that thrives in one nation may experience hurdles somewhere else. The move by Crypto.com to secure the Australian Financial Service License through the acquisition of a homegrown company is one strategic move that is worth applauding.

“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,” said Kris Marszalek, co-founder, and Chief Executive Officer (CEO) of Crypto.com.

As the company noted, securing the AFSL will make it possible for the company to roll out its crypto-backed cards in Australia. The company also noted that the AFSL license will afford it the opportunity to have a direct relationship with the Australian regulators and the broad financial ecosystem. “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,” the company noted in the shared press release.

Crypto.com AFS License, Another Milestone Recorded

Since its establishment in 2016, Crypto.com has worked based on its simple principle that everyone has the right to manage their own finances particularly as it relates to their money, data, and identity. The firm has experienced unique milestones as it has rolled out unique products and offerings in all of its bases of operations in line with this principle and the AFS license is yet another Crypto.com milestone recorded.

The role of Crypto.com in the crypto space is vital. The company currently serves up to 5 million customers providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet. 

With the latest entry into the Australian market, Crypto.com is billed to promulgate its solid foundation of security, privacy, and compliance.

You can read more updates from the crypto space here.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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