Prominent crypto fintech firm Crypto.com has disclosed plans to issue its debit cards in Australia.
Crypto.com recently obtained an Australian Financial Service License (AFSL). This license was made possible by its acquisition of The Card Group Pty Ltd. The Card Group is both a prominent and regulated firm in Australia. This acquisition is a huge milestone for Crypto.com. According to the official announcement, the terms of the acquisition is yet to be released to the general public.
🇦🇺 https://t.co/vCNztABJoG completed the acquisition of The Card Group Pty Ltd, securing an Australian Financial Service License.
💳 Preparations are underway to issue https://t.co/vCNztABJoG Visa Cards in Australia in 2021
— Crypto.com (@cryptocom) December 2, 2020
Crypto.com and Regulations
Crypto.com is well known for its attention to regulation, irrespective of geographical location and jurisdictions. It is also known for its several “firsts” in the world of fintech and cryptocurrency regulations. The firm recently became the first crypto platform to obtain an “Adaptive (Tier 4)” rating by the NIST Cybersecurity and Privacy Frameworks.
The Australian Financial Ecosystem
The crypto fintech platform has its sights set on facilitating financial freedom all over the globe. Obtaining an Australian Financial Service License (AFSL) is a step in the right direction to making this vision a reality. With the AFSL, the crypto fintech firm disclosed that plans are underway to introduce its card to the Australian market.
The crypto fintech firm will also have the opportunity to interact directly with prospective card users and customers in Australia. Crypto.com will work closely with local authorities and already existing schemes in the Australian financial ecosystem. This will enable it to locate pending issues in the finance sector and work towards propounding a solution to such issues. Working with local systems will also enable it to be innovative. Products designed and created will be both relevant and also suited to the Australian financial ecosystem.
Speaking on the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, pointed out that securing an AFSL was a notable achievement. He also iterated the fact that it would facilitate direct interaction with customers in Australia. Marszalek further confirmed the crypto fintech’s unwavering commitment to global crypto adoption. He added that adhering strictly to existing regulatory structures is an important part of facilitating global crypto adoption.
Founded in 2016, Crypto.com is well known for its belief in providing people all over the world with sole autonomy over their funds. The crypto fintech platform also currently boasts of over 5 million users on its platform, providing its services via its Crypto Visa Card, Crypto.com App, exchange and DeFi wallet.
Known for its strict adherence to regulations, the firm is also the first-ever crypto company to obtain ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance certificates.
At the time of writing, CRO was trading at $0.063715, with a market cap of $1,402,885,069 and a 24-hour trading volume of $44,006,546.
Find out more about the crypto fintech platform on the Altcoin Buzz YouTube channel.