Crypto.com Secures Australian Financial Service License

Dec 2, 2020 at 9:32 a.m. UTCUpdated Dec 2, 2020 at 9:35 a.m. UTC

Sydney, Australia

(Olga Kashubin/Shutterstock)

Hong Kong-based Crypto.com has secured an Australian Financial Service License through its acquisition of a firm called The Card Group Pty Ltd.

The license has been approved by Australia’s Foreign Investment Review Board which examines proposals by foreign entities to invest in Australia and will allow Crypto.com to work within the local regulatory frameworks, the firm said Tuesday.
No details on the acquisition were provided after a CoinDesk request for information.
Crypto.com – which offers cryptocurrency exchange, payments and debits cards – recently announced support for Australian dollar transfers by allowing its users to directly deposit the currency to their Fiat Wallet via the app.
With the license in place, Crypto.com said it plans to launch its debit card in Australia going forward.
“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,” said Kris Marszalek, Crypto.com CEO.
In late November, Crypto.com received preliminary approval from the Malta Financial Services Authority for two financial licenses that govern how payment companies operate and what services they can provide.