As a seasoned crypto investor with roots tracing back to the early days of Bitcoin, I find MoonPay’s recent move into the Australian market to be a promising development. Having navigated through various regulatory landscapes across continents, I can attest that compliance is not just a box-ticking exercise, but a cornerstone for building trust and credibility in this space.
As a crypto enthusiast based in Australia, I’m thrilled to hear that MoonPay has officially registered with our national regulator to offer cryptocurrency exchange services. This means we Aussie investors can now leverage local payment solutions such as Osko and PayID when using their platform, making transactions smoother and more convenient than ever before!
The cryptocurrency payment company, MoonPay, has now legally registered with Australia’s financial watchdog, AUSTRAC. This registration allows them to provide digital currency exchange services nationwide.
On September 12th, MoonPay announced that the step aims to develop local transaction processing partnerships. This will allow Australian users to utilize additional payment options like Osko and PayID for their transactions.
Approximately one out of every five Australian grown-ups either presently possesses or has previously owned cryptocurrency assets, and Australia debuted its initial Bitcoin Exchange Traded Fund (ETF) in June.
Geoffrey Lyons, MoonPay’s senior editorial lead
No Australian license for now
After obtaining its AUSTRAC registration, MoonPay is now bound to adhere to Australia’s laws against money laundering and terrorism financing. This includes responsibilities like reporting suspicious activities, following customer identification procedures, and maintaining records. The co-founder of MoonPay, Ivan Soto-Wright, has expressed their intention to keep collaborating with regulatory bodies worldwide.
Beyond AUSTRAC registration, MoonPay also possesses registrations in countries like the U.K., Ireland, Italy, Canada, and 44 U.S. states. In these locations, they have acquired money transmitter licenses. The company clarified that this registration does not equate to an endorsement or license from the agency. However, they highlighted that securing such a registration is a significant milestone as they navigate the evolving regulatory environment in Australia’s cryptocurrency market.
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2024-09-12 17:32