BTC Markets Gets Financial Services License in Australian First

The license will help BTC Markets shelter the coming regulatory storm for crypto in Australia, CEO Caroline Bowler said

article-image

Sydney, Australia. Credit: Shutterstock

share

key takeaways

  • BTC Markets’ sister company, BTCM Payments, has been awarded a financial services license from the securities regulator
  • It marks the first time such a license has been handed to a crypto company in Australia

Major Australian crypto exchange BTC Markets said Monday it has become the first of its kind in the country to receive a financial services license via its sister company.

The Australian Financial Services Licence (AFSL), issued by the Australian Securities and Investments Commission (ASIC), has been awarded to BTCM Payments, according to a statement. The license paves the way for BTC Markets to provide non-cash payment products and general financial advice.

As part of the conditions surrounding licensure, BTC Markets has been appointed as an authorized representative. For BTCM Payments, which was registered on August 5, 2020, it marks an almost two-year journey to be granted an AFSL via ASIC, where it was said to be “engaging in robust and productive discussions.”

BTC Markets said the move will allow it to more closely bridge the crypto and traditional finance gap while offering new products to its customers. In Australia, those businesses offering financial services, advice and products must register for a license via ASIC.

Crypto remains excluded from the list of those companies required to apply for a license due to lagging regulations around digital assets within the country, though that is expected to change sometime next year.

“Our preference has always been to own our own AFSL rather than buying an existing one from a license holder,” BTC Markets CEO Caroline Bowler said. “We’re now the masters of our own destiny — we have a clean slate and full control over the AFSL.”

Bowler also said the license would prepare the exchange business for impending regulation and would bolster BTC Markets’ existing ISO certification while complementing its progress in obtaining a voluntary compliance standard for service organizations (SOC 2).

It’s the latest win for the seasoned crypto marketplace which began operating nearly a decade ago. Earlier this year, the exchange inked a deal with stockbroker SelfWealth, establishing it as the first traditional brokerage firm in the country to offer crypto to its clients.

“From an industry perspective, we’re seeking to demonstrate how crypto can sit alongside traditional finance to seamlessly work together in a financially inclusive future,” Bowler said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Unlocked Advisory-min.png

Research

This report distills Blockworks Advisory’s research on incentive programs and their analysis, offering a foundation for designing future initiatives and advancing industry-wide standards. By highlighting key lessons and methodologies, we aim to empower protocols to make informed, data-driven decisions.

article-image

Bitcoin is now the “seventh most valuable asset in the world by market cap, just behind the likes of Google and Amazon,” GSR’s Brian Rudick said

article-image

Many analysts expected bitcoin to top $100K before year-end, though it’s been on a post-election tear

article-image

Will investors take a 10% lower return to get access to a regulated investment wrapper?

article-image

Brian Armstrong called out the hire of Gurbir Grewal, who had been the SEC’s enforcement division director since 2021

article-image

Certain senators will be interested to learn about Atkins’s private sector business interests, specifically those related to crypto

article-image

Innovative smart debt and collateral features are fueling Fluid’s rise to $1.2 billion TVL, reshaping the Instadapp brand