Australians will now have a “easier and safer” way to access the digital asset market thanks to Coinbase, a US-based bitcoin exchange.
Australians are among the early adopters of digital assets, according to Nana Murugesan, managing director of Coinbase, who also described them as “smart investors” in a recent statement. As a result, the exchange offered those residents a range of cryptocurrency offerings.
“The Land Down Under” was referred to by the corporation as a “hotbed of fintech innovation.”
First, Coinbase introduced PayID, a service that enables Australians to top off their accounts with direct transactions in Australian dollars.
The CEO added that before launching the products, Coinbase worked with Australian financial watchdogs and is a supporter of bitcoin regulations:
Second, the company made Retail Advanced Trading available to local clients, allowing them to use a single balance to access low volume pricing instruments. Australians will also rely on the platform’s round-the-clock customer service for any problems that may arise.
“In order to offer digital currency exchange services in Australia, we have incorporated Coinbase as a local organisation (Coinbase Australia Pty Ltd) and received registration and enrolment with the Australian Transaction Reports and Analysis Centre (AUSTRAC). We think Australia is in a good position to lead the world in its treatment of cryptocurrencies.
The co-director of the RMIT Blockchain Innovation Hub, Jason Potts, also discussed the most current upgrades. He sees the establishment of Coinbase in Australia as a crucial step toward the country’s conversion to a digital economy.
The macroeconomic events on a worldwide scale led to a change in Australia’s governing body. The Labor Party won the federal elections earlier this year, and Anthony Albanese, its leader, was elected as the next Prime Minister of the country. When he was elected, he committed to concentrate on three key issues: combating climate change, lowering living expenses, and enacting thorough regulations for the Bitcoin industry.
A few months later, the Labor Party announced plans to identify and regulate the digital assets that domestic consumers find most appealing. The outcomes, referred to as “token mapping,” are anticipated before the end of 2022. The Australian Federal Police established a cryptocurrency unit with the aim of identifying criminals who exploit digital assets in their illegal activities. By the conclusion of the fiscal year 2024, the agency hopes to have seized more than $400 million in criminally generated income.
- Coinbase Adds 2 New Crypto Features to Expand Services in Australia
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