Following the acquisition of an unidentified fintech company, major cryptocurrency exchange FTX has reached another landmark in its global expansion as the platform officially sets up shop in Australia.
The news comes on the heels of an announcement from Australian authorities regarding a Digital Services Act geared towards regulating crypto operations in the country.
Bahamian-based crypto exchange giant FTX has launched its Australian outfit according to an announcement released on Sunday. Dubbed FTX Australia, the firm will provide investors in the country with digital asset exchange services, crypto derivative products, and OTC-focused facilities.
In addition, the firm will open a regional headquarters in Australia’s financial center, Sydney.
The move was revealed shortly after Sam Bankman-Fried’s firm acquired a local regulated fintech service provider. FTX inherited an Australian Financial Services License with the deal in place, allowing the platform to issue crypto products like contracts for difference (CFDs) and futures trading
Australian authorities incentivized innovation within its jurisdiction by proposing a Digital Service Act. The policies are supposedly designed to establish standardized virtual asset regulations and implement broad-based licensing for cryptocurrency exchanges.
Crypto proponents and industry stakeholders in the country have also been invited to submit feedback and comments regarding the proposed legislation before the end of March 2022.
Commenting on the launch of FTX Australia and the government’s planned crypto policies, CEO Bankman-Fried said:
We look to be a participant in policy discussions globally and will seek to continue this same level of engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime.
Sam Bankman-Fried’s crypto platform has intensified global extension efforts in recent months, making key acquisitions of complementary businesses and bagging licenses in jurisdictions like Dubai and Cyprus.