Crypto.com Receives Australia License Allowing Them To Issue Crypto Debit Cards

A document mandatory for any financial institution in order to begin issuing crypto cards, Crypto.com has recently secured an Australian Financial Service License (ASFL).

All blockchain-based companies operating in certain areas of the Australian financial markets are required by law to possess an ASFL in order to comply with Australian anti-money laundering (AML) and counter-terrorism regulations.

“The guidance goes on to examine when tokens issued by an ICO could be a managed investment scheme, share, derivative, or non-cash payment facility under the Corporations Act. […]

 If a cryptoasset trading platform enables trading in tokens that are financial products, this may involve the operation of a financial market and a market license may be required.”

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Crypto Cards On The Way

Crypto.com is a cryptocurrency trading website allowing users to buy and sell over 80 different cryptocurrencies. They also offer cryptocurrency cards in the UK, the USA, Singapore, and the European Union – and Australia seems to be next in line.

Even before the announcement of a card company acquisition, Crypto.com enabled transfers in AUD via PayID and BPAY.

In order to do so, they’ve acquired an Australian financial services company. Named The Card Group Pty Ltd, the financial firm specializes in prepaid cards, mobile, and wearable solutions.

The firm had also been vetted a priori by Australia’s Foreign Investment Review Board, virtually guaranteeing the receipt of an ASFL.

As a country interested in blockchain, cryptocurrency, and the highly innovative technological solutions that stem from them since way before the crypto boom of 201