Australians can now feel safer as local exchanges are now getting licensed by the authorities.
Australian Transaction Reports and Analysis Centre (Austrac), has granted Blockbid license. This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came about last week.
The application was approved by Austrac in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.
For this approval, David Sapper who is the CEO of Blackbid commented:
“Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.”
Do you think Australians should be feeling more safer now? Drop your thoughts below on the comment section.