Cryptocurrencies are looking for the best way to be legitimized in the world, but the way is still long, despite the continuous laws that are applied to hiccups in European and non-European states.
But how are exchanges and platforms behaving regarding this hazy landscape and the downtrend of the market?
BTC Markets, an Australian cryptocurrency exchange, is fairly transparent: it continues its rise and legitimacy without letting itself be plagiarized by negative opinions.
The license that BTC Markets has obtained is that provided by ASIC (Australian Securities and Investments Commission), under the name of AFS.
What is BTC Markets?
BTC Markets was born in 2013, when Bitcoin was worth around $ 100 and the cryptocurrency sector was far from the success and volumes of recent years.
The company led by Caroline Bowler, CEO of BTC Markets and former Director, Asia Pacific for Red Flag Consulting. Caroline also founded Bowlah PR, Asia’s first FinTech PR agency with offices in Singapore and Melbourne.
We’re talking about what has undoubtedly become the most large cryptocurrency exchange in Australia and today the first and only to have obtained a license from the ASIC.
Australia’s first licensed cryptocurrency exchange
It is not little the step that BTC Markets has taken.
In the so-called “DownUnder” land all financial intermediaries must operate in accordance with the law, but the process is not as simple as you’d think.
To win the AFS license, the company of cryptocurrencies had to wait almost two years, an indication of how difficult it is to obtain it!
Furthermore, BTC Markets also managed to earn the authorization of the authorities of control over crypto and digital assets, Blockchain Australia, and the certification of the International Organization for Standardization (ISO) for the management of information security.
Great job taking digital currency exchange to another level!
What are the cryptocurrency laws in Australia?
The reasons behind applying for authorizations in a market that is not particularly full of laws seems useless, but before explaining the advantages and reasons of BTC Markets, let’s understand what rules Australia has clarified.
Cryptocurrencies are obviously legal and not a specific certification or license is required to operate in the sector.
The taxes in force at the moment are those of the Capital Gain and the Income Tax, but it is not subject to taxation if you only buy crypto, without selling them, even if it is necessary to declare them to the ATO government.
Also if we hold for more of one year of our digital currencies, without selling them, we will have a 50% discount on the Capital Gain Tax, which in any case will apply for earnings over $ 18,201.
Improvements will be implemented soon, but this is where BTC Markets’ choice to license the ASIC in advance comes into play.
Here are the benefits of BTC Markets after the AFS license
The license obtained is important for several reasons, it is not just a question of credibility and prestige.
As already said by CEO Caroline Bowler, thanks to this new milestone that has no similar precedent in Australia, it will be possible to create new synergies that were previously impossible, provide new services to customers and develop new features and services that will comply with the law.
To give an example, the company may offer custody and deposit services such as the negotiation and conservation of assets and financial stocks, developing financial products and participating in various financial markets.
Probably the legitimation process of the crypto exchange is not finished, as Bowler is pushing the company to also obtain the SOC 2 certification, which would be aimed at the correct organization of customer data.
All this in the perspective that the cryptocurrency market is more and more close to recovery!
Read also: FIAT coins and cryptocurrencies: who pollutes the most?
What future for cryptocurrencies overseas?
In Australia, despite the market being at an unprecedented low right now, newly elected Australian Prime Minister Anthony Albanese has listed digital asset regulation as one of his top three priorities.
Caroline Bowler herself is enthusiastic about the new Prime Minister’s intentions, hoping she can continue the work of the previous government and create billing for digital assets and clear laws on this that, however, would find BTC Markets a great advantage.
It is obvious that the enthusiasm of the market operators is skyrocketing, considering that the country can become the protagonist of a historic moment in terms of progress and innovation, bringing new fuel to companies like the one described.
