Crypto Exchange Coinjar Paves the Way for Regulation in Australia by Securing Financial Conduct Authority Registration in the UK

September 30, 2021, 10:30 AM AEST - 3 months ago

Melbourne, September 30, 2021: Australia’s longest-running cryptocurrency exchange CoinJar has become one of the first in the world to be officially registered by the UK’s Financial Conduct Authority (FCA) as a Cryptoasset Exchange Provider and Custodian Wallet Provider, as per the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs). 

CoinJar, which is based in Melbourne, is now advocating for a similar licence to be implemented in Australia to help build corporate and consumer confidence and monitor cryptocurrency businesses at large.

The UK is a world leader in fintech and a progressive regulator, so we are very pleased to have received this recognition as part of our commitment to offering people a safe and positive experience of buying and selling digital currencies. With the establishment of the UK-Australia Fintech bridge, we hope that a similar scheme is replicated here via ASIC and AUSTRAC, with learnings from the two-year process taken into account.

Asher Tan, CEO, CoinJar

Tan continues: “As the industry grows and innovates at a rapid pace, it’s vital that legitimate businesses are nurtured further while cowboy operators are swiftly removed to prevent reputational damage to the industry caused by consumer scams and fraudulent behaviour.  Cryptocurrency is not the Wild West, it’s here for good. Regulation brings long-term certainty and a wealth of investment and job opportunities to the market.”

With CoinJar embracing innovation and regulation in equal measure, it has been collaborating with the government on future legislation through industry-led submissions. CoinJar is a member of Blockchain Australia, which champions the adoption of blockchain technology by industry and governments across the country, as well as Fintech Australia, the country’s peak advocacy body for fintech. 

Tan continues: “While we are willing, ready and organised for cryptocurrency regulation in Australia, until it is brought into effect we aim to set the benchmark for best-practice in self-regulation by adhering to the spirit of the FCA obligations on home soil.” 

The FCA approval means that CoinJar will be an attractive partner for more companies and neobanks. Following the recent launch of the CoinJar Card Mastercard, which allows users to spend the crypto in their wallet like cash, online and in-store, a number of ASX 500 partnerships are currently being finalised. A range of new products is also set to be unveiled this year, including a white label service for businesses that will provide state-of-the-art backend digital currency processing. 

Last week, CoinJar made its AFL Grand Final debut through its partnership with the Melbourne Demons, whilst in London, it has signed a sponsorship agreement with Brentford Football Club, who have made a winning start in their debut English Premier League season.  

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