Crypto change KuCoin mentioned it registered with Australia’s monetary intelligence company, Austrac, as a digital foreign money change (DCE), permitting it to legally provide crypto change companies within the nation.
The registration means the buying and selling platform can now function underneath formal oversight in a market the place regulators have tightened scrutiny of offshore platforms. Whereas the registration is just not a license per se, it’s a authorized requirement for any agency offering digital foreign money change companies in Australia.
The timing of KuCoin’s registration comes as Australia’s monetary regulators step up efforts to deliver crypto exercise underneath current monetary companies legal guidelines. The Australian Securities and Investments Fee (ASIC) final month mentioned many digital property, together with stablecoins and tokenized merchandise, already fall inside the scope of the Firms Act, that means they might require licensing to function.
To help its native push, KuCoin is working with Echuca Buying and selling, an monetary companies agency already licensed by ASIC. The partnership is designed to deliver KuCoin’s crypto futures merchandise right into a regulated framework tailor-made to Australian customers.
The change mentioned it additionally rolled out new fiat on-ramp help, making it simpler for Australian customers to deposit native foreign money and commerce crypto. KuCoin plans to hunt additional registrations for added companies because it builds out its regulatory presence within the nation, it added.
