BTC Markets first Australian bitcoin exchange with financial services license

Australia-based BTC Markets is the first bitcoin exchange in the country with an official financial services licence. The license was issued by the Australian financial regulator to BTCM Payments, the sister company of BTC Markets.

Preparing for upcoming legislation

Although the license is not currently required to operate a bitcoin exchange in Australia, BTC Markets says they have secured the license primarily with an eye to the future. New legislation is on the way in Australia, and the license in question will make it easier for the exchange to meet the requirements that come with it.

Furthermore, the licence is obviously good for public confidence in the bitcoin exchange. In the eyes of the general public, the industry still has a high “Wild West 2.0” content, and steps like this help improve that image.

The licence BTC Markets obtained allows it to provide financial advice, trade, and create a market for financial products. It also makes it possible to manage assets for clients or open savings accounts.

Building a bridge between bitcoin and traditional finance

BTC Markets does not, in principle, need the licence for their current portfolio of operations but says it does so to build a bridge between bitcoin and the rest of the financial world and possibly offer new products to clients.

The award of the licence marks the end of a period of almost two years, as BTC Market already submitted its registration for the licence in August 2020. BTC Markets is a major player in Australia, with a daily trading volume of approximately 4.7 million Australian dollars.

Interestingly, in February, the company signed a deal with SelfWealth, an Australian platform on which users can trade stocks, and to give their users access to bitcoin from next June 30 as well. The deal is likely part of the proverbial ‘bridge’ that BTC Markets is trying to build with the traditional financial world.

I first came into contact with Bitcoin in 2017 - and since then, the topic of cryptocurrencies has never left me. For this reason, I have also made BTC & Co. part of my profession and write as a freelance author for crypto publications.
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