FTX Exchange Targets Australia in Latest Round of Expansion Plans

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In Brief
  • FTX plans to offer over-the-counter-based products and services along with derivatives.

  • Australia recently proposed regulations to cover cryptocurrency.

  • Aquarter of Australians had owned crypto, making it one of the largest per capita adopters.

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FTX has announced it is launching in Australia, only days after establishing a base in the Middle East.

FTX Australia plans to offer over-the-counter-based products and services along with derivatives.

Speaking on the opening day of Blockchain Week, the exchange’s CEO said FTX has recently acquired a license to serve the Australian market.

FTX’s international platform has been accessed by Australians for some time, but the launch of a domestic presence is seen as the exchange making efforts to appease lawmakers.

“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,” CEO Sam Bankman-Fried told a virtual audience.

Australia recently proposed regulations to cover cryptocurrency taxes, investor protection from criminals, and ways to regulate digital banks, cryptocurrency exchanges, and brokers.

As government opens the proposal for public discourse, Jane Hume, minister for the digital economy, said: “Government can’t guarantee your crypto any more than it can guarantee a painting or a share in a company, and nor should it.”

“But we can make sure Australian exchanges, custodians, and brokers –Australian players in the crypto ecosystem – work within a regulatory framework that is better, safer, and more secure,” she added.

Government to start consulting key crypto players soon

The Australian government will release three crucial documents before it begins consulting with key players in the crypto sector. One of the documents is a paper soliciting input from industry stakeholders on the correct approach to licensing and crypto custody. 

One of the early ideas proposed by the Treasury had been to compel exchanges to hold crypto assets within the borders of Australia.

A survey run in 2021 pointed out that a quarter of Australians had owned or previously owned virtual currencies, making the country one of the largest per capita adopters of digital assets.

Recently, the FTX earned a license to operate a crypto exchange in Dubai

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Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.

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