Following the purchase of an unnamed fintech startup, prominent cryptocurrency exchange FTX has hit another milestone in its worldwide development by establishing a presence in Australia.
The statement comes on the heels of Australian officials announcing a Digital Services Act aimed at regulating cryptocurrency businesses in the nation.
According to a notice made on Sunday, FTX, a Bahamian-based cryptocurrency exchange, has created an Australian subsidiary. The startup, dubbed FTX Australia, would provide digital asset exchange services, crypto derivative products, and OTC-focused facilities to investors in the nation. Additionally, the corporation will establish a regional headquarters in Sydney, Australia’s financial capital.
The action came soon after Sam Bankman-business Fried’s bought a licenced fintech service provider in the country. With the agreement in place, FTX acquired an Australian Financial Services License, enabling the platform to issue crypto products such as contracts for difference (CFDs) and futures trading.
The Australian government encouraged innovation inside its borders by introducing a Digital Service Act. The measures are ostensibly intended to develop unified virtual asset laws and broaden the scope of bitcoin exchange licences.
Additionally, cryptocurrency advocates and industry stakeholders in the nation have been encouraged to offer thoughts and opinions on the draught law by the end of March 2022.
CEO Bankman-Fried commented on the launch of FTX Australia and the government’s proposed crypto policies, saying: “We seek to be a participant in global policy discussions and will seek to maintain this level of engagement locally through FTX Australia, and we are encouraged by the critical work underway to establish a new digital asset licencing regime.”