Coinbase, the US-based cryptocurrency exchange, announced that it would increase its presence in Australia. This will allow locals to have a safer and easier way to get into the digital asset market.
The company called “The Land Down Under” a “hotbed for fintech innovation.”
More crypto options for Aussies
Nana Murugesan, Managing Director of Coinbase, stated that Australians were among the first to adopt digital assets and are “savvy investors” in a recent announcement. The exchange also introduced a range of crypto offerings for those who have purchased them.
Coinbase first launched PayID, a feature that allows Aussies top up their accounts with direct Australian dollar transfers.
The firm also released Retail Advanced Trading for local clients. This allows them to access low volume-based pricing instruments from one single balance. The platform will allow Australians to access 24/7 customer support in case of any issues.
Murugesan stated that Coinbase believes that increasing access to crypto and Web3 will increase economic freedom worldwide.
Further, the executive stated that Coinbase supports cryptocurrency regulations and collaborated with Australian financial watchdogs prior to introducing the offerings.
“In Australia, Coinbase has been registered as a local entity (Coinbase Australia Pty Ltd), and we obtained registration and enrollment with the Australian Transaction Reports and Analysis Centre. This allows us to offer digital currency exchange services. We think Australia is well-positioned to lead the way in crypto.
Jason Potts, co-director at RMIT’s Blockchain Innovation Hub, spoke on the latest updates. He believes Coinbase’s presence is a major step in Australia’s transformation to a digital economy.
Crypto is on the Agenda for ustralia
Australia’s ruling body was changed by global macroeconomic events. The Labor Party won the federal election earlier this year and its leader Anthony Albanese was elected the new Prime Minister of Australia.
He pledged to work on three major issues once he was elected: combating climate change, reducing living costs, and applying strict rules to the cryptocurrency industry.
The Labor Party announced its intention to regulate the most widely used digital assets and determine their popularity a few months later. The process is known as “token mapping” and the results are expected by the end 2022.
The Australian Federal Police has also created a cryptocurrency unit to catch criminals using digital assets for illicit activities. The agency’s goal is to stop criminals from obtaining more than $400 million in proceeds by 2024.
CryptoPotato’s first post, Coinbase Expands Its Services in Australia via 2 New Crypto Features, appeared first on CryptoPotato.
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