Cryptocurrency exchange and debit card provider, Crypto.com has scored another major regulatory approval by securing an Australian Financial Service License.
December 2, 2020 | AtoZ Markets – Hong Kong-based payment platform Crypto.com has announced on Wednesday that it has received an Australian Finance Service License (AFSL) to issue cryptocurrency-friendly Visa cards.
This was made possible by the acquisition of a local company, The Card Group Pty Ltd.
🇦🇺 https://t.co/vCNztABJoG completed the acquisition of The Card Group Pty Ltd, securing an Australian Financial Service License.— Crypto.com (@cryptocom) December 2, 2020
💳 Preparations are underway to issue https://t.co/vCNztABJoG Visa Cards in Australia in 2021
Details: https://t.co/cYcyczo6Ix pic.twitter.com/z6bWdasrot
The terms of the deal for the purchase of The Card Group Pty Ltd were not disclosed.
Securing an Australian Finance Service License is yet another milestone in Crypto.com
Crypto.com CEO Chris Marshalek noted that the company considers cooperation with regulators to be the foundation of further success and the ability to offer new services around the world.
“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,” CEO of Crypto.com said.
Recall that in November, AtoZ Markets reported that Crypto.com received two financial licenses from the Malta Financial Services Authority (MFSA) to legally operate in this country.
With an MFSA license, Crypto.com will be able to offer payment services and issue electronic money. In addition, obtaining a third-class Virtual Financial Assets (VFA) license allows the platform to provide investment management, storage, and trading services for cryptocurrencies for both professional and non-professional investors.
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