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Crypto.com has announced that it would be expanding its debit card services in Australia. According to a press release issued today, the exchange revealed that it had secured an Australian Finance Service License (AFSL) via the acquisition of The Card Group Pty Ltd.
A Major Milestone For Crypto.Com
Crypto.com further stated that securing the license was a major milestone and highlighted its commitment towards local regulatory frameworks. The AFSL license enables Crypto.com to issue cards to Australian residence and expand crypto adoption in the region.
Crypto.com also highlighted the importance of building a direct relationship with customers and the financial ecosystem in Australia. The exchange revealed that it plans to work with local crypto providers to develop new products tailored to Australian customers.
This license comes after the recent acquisition of The Card Group Pty Ltd, which enabled crypto.com to offer crypto-based services in Australia. Since then, crypto.com has been quick to reveal new developments in the pacific region. It recently announced support for AUD (Australian Dollars) transfers within its platform via BPAY and NPP.
Crypto.com Co-founder and CEO Kris Marszalek believe that the acquisition of an AFSL license bodes well for the exchange. “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,”
Crypto.com Continues Expansion Process
With over 4 million clients, crypto.com is regarded as one of the leading crypto debit card platforms in the blockchain industry. The acquisition of the AFSL license by crypto.com continues the expansion process embarked on by the exchange in recent months.
The exchange has also partnered with several platforms, including popular travel booking agency Travala to expand its services. Crypto.com also revealed in November that it had gained provisional approval from Malta financial regulators. Additionally, the approval includes two financial licenses that would govern how payment companies operate and services they can offer within the European region.