Local authorities in Australia have granted crypto services company Crypto.com an Australian Financial Service License (AFSL). The license permits the company to commence local issuance of the Crypto.com card in Australia, a press release from the company states.
This follows the acquisition of The Card Group Pty Ltd, a company that manufactures prepaid cards as one of its services. Crypto.com’s journey towards entering the Australian market has been on for some time now. Earlier this year, it announced support for the Australian Dollar and AUD transfers to and from the exchange.
The company is one of the fastest-growing cryptocurrency services companies in the industry and its core mission is to increase crypto adoption and make digital assets more readily accessible to anyone who wants to use them. To do this, it has demonstrated commitment towards working in line with local regulations of every market it enters.
Speaking on the acquisition of the license, Co-founder and CEO of Crypto.com, Kris Marszalek said the company is proud and looks forward to working with Australian consumers to Fastrack crypto adoption.
“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,” he said.
This is not the first license that Crypto.com has obtained. It became the first company to achieve a cryptocurrency security standard (Level 3) compliance. This may be because of its commitment to legally empower everyone to control their finances through the use of cryptocurrency. The company has its headquarters in Hong Kong and currently serves over 5 million customers with its app, Visa card (which will be issued in Australia), Exchange, and DeFi wallet.