Global Fiat On/Off Ramp Service Transak has been registered in Australia with a Digital Currency Exchange (DCE) and represents a major step in international expansion.
The company has received DCE registrations from the Australian Transaction Reporting and Analysis Centre (Austrac) to allow it to operate as a fully compliant exchange within the country.
Like virtual asset service providers (VASP) licensing in other parts of the world, this regulatory approval is important to Transak, ensuring compliance with Australia’s strict Money Laundering (AML) and Counterterrorism Financing (CTF) regulations.
By ensuring Austrac registration, Transak can provide Australians with compliant gateways to purchase Crypto, addressing regulatory uncertainties and concerns about consumer protection.
“This approval validates our commitment to compliance, security and consumer protection,” said James Young, Director of Compliance at Transak. He added that Australia is a “significant market” for the company and that Transk “works closely with regulators to support a rapidly growing digital asset ecosystem.”
“This milestone opens up the opportunity for Transak to provide localized, cost-effective and efficient payment solutions to Australian fintech platforms, institutional clients and individual users,” Transak said in a press release.
At the same time, Transak continues to strengthen its regulatory presence in the US
The company recently secured remittance licenses (MTLs) in Illinois and Missouri, allowing it to directly promote crypto transactions in these states.
Australia and the Cryptocurrency
Australia has seen an increase in the adoption of cryptography as young Australians, particularly young Australians, ages 25-44, especially young Australians, ages 25-44, especially those aged 25-44, according to a 2023 survey by Crypto Exchange Swyftx.
However, the push for regulatory clarity comes at a time when scrutiny is increasing across Australia’s crypto sector.
Last month, Austrac took regulatory measures against 13 companies, cracking down on failures in compliance within the digital currency exchange sector.
As part of a one-year investigation, the agency identified more than 50 other companies being reviewed for potential violations.
Australia’s Consumer Watchdog, the Australian Competition and Consumer Commission (ACCC), also raised concerns about the potential risks of relaxed regulations in other countries, such as the United States.
ACCC Chair Gina Cass-Gottlieb warned of a possible increase in scams targeting vulnerable Australian consumers, calling the potential restrictions “slack.”
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