Crypto exchange platform from Australia BTC Markets reportedly became the pioneering entity in the local crypto scene to obtain a financial services license.

Specifically, The license was reportedly granted by the nation’s financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister company BTCM Payments.

An Australian Financial Services (AFS) license reportedly offers regulated power to the holder to give advice, engage in and create a market for a financial product. It further provides permissions regarding the provision of custodial or depository services, among other benefits.

While crypto and digital asset firms are not mandated to acquire an AFS in order to provide services because of the regulation insufficiency in the nation, BTC Markets claims that the initiative makes it possible for it to reduce the gap between traditional finance and crypto, while rolling out new services to its customers.

It marks the official commence after an almost two-year waiting period for the company for the AFS license, with initial registration submitted in August two years ago.

BTC Markets has certification from the International Organization for Standardization (ISO) for information security management and is certified by Australia’s crypto industry body, Blockchain Australia.

Head of BTC Markets, Catherine Bowler, additionally revealed that the license would help her exchange conduct necessary preparation for what she believes is impending regulation and complements its progress in obtaining a System and Organization Controls (SOC) 2 certification.

BTC Markets reportedly managed to secure a reputation of a primary entity in the Australian crypto sphere, possessing $4.7 million in daily volume, per insights from CoinGecko.  

In February, the exchange reportedly entered an agreement with stock market trading platform SelfWealth to provide SelfWealth users access to trade Bitcoin (BTC), Ether (ETH), Ripple (XRP), Chainlink (LINK) and Uniswap (UNI) from June 30.