Crypto.com awarded license to issue debit cards in Australia

Crypto.com announced today that it was successfully granted a license by the Australian Financial Service License (AFSL), which now allows it to extend its card network down under.

Crypto.com rolls out in Australia

As per a release, the AFSL was secured via the acquisition of The Card Group Pty Ltd, which was approved by Australia’s Foreign Investment Review Board. Terms of the acquisition have not been disclosed.

?? https://t.co/vCNztABJoG completed the acquisition of The Card Group Pty Ltd, securing an Australian Financial Service License.

? Preparations are underway to issue https://t.co/vCNztABJoG Visa Cards in Australia in 2021

Details: https://t.co/cYcyczo6Ix pic.twitter.com/z6bWdasrot

— Crypto.com (@cryptocom) December 2, 2020

“We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers,” said Kris Marszalek, co-founder and CEO of Crypto.com.

Crypto.com operates all over the world and serves over 5 million customers each day. The brand started out as Monaco in 2016 but has since been branded to its current avatar in 2018.

The AFSL is part of Crypto.com’s long-standing commitment to being licensed and working within the local regulatory frameworks in markets throughout the world. In addition, the development comes on the heels of Crypto.com’s recent announcements supporting AUD transfers in and out of the platform via BPAY and NPP.

The Crypto.com Card is already the most globally available card of its kind. Having an AFSL paves the way for Crypto.com to begin local issuance of the Crypto.com Card in Australia.

Further moves

Moving ahead, Crypto.com looks forward to working with local network schemes to speed the development of new features and functionality of products and services available to Australian customers.

Marszalek said in this regard: 

“We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission.”

The rollout is one of the many developments for Crypto.com in the past few months, with the recent one being its DeFi Wallet that brought about security, ease of accessibility, and a range of staking options to Crypto.com clients.

Disclaimer: Crypto.com is an advertising partner of CryptoSlate.

Mentioned in this article

Cronos Crypto.com

Ad

HashKey Global Announces Support for TRC-20 USDT and TRX

Ad

CryptoSlate on Substack cryptoslate.substack.com

Your daily dose of must-have crypto news and deep dives. Direct to your inbox.

Join 90k+ subscribers

Latest Australia Stories

BIS partners with central banks to tackle cross-border compliance with Project Mandala

Technology 2 weeks ago

Project Mandala leverages decentralized systems to boost compliance and expedite cross-border payments in multiple jurisdictions.

Latest data reveals global economic downturn, building stronger case for Bitcoin

Research 1 month ago

Weakening global markets bolster Bitcoin's role as a decentralized inflation hedge.

Australian police seize $6.4 million in crypto after ‘deciphering’ wallet seed phrase

Tokens 1 month ago

Blockchain security experts said real-time monitoring of crypto wallets could further prevent criminals from hiding their funds.

Australia moves to license crypto firms to bolster market security

Regulation 2 months ago

Australia's ASIC licensing move will curb scams and protect investors in the country.

Latest Press Releases

View All

Neptune Finance blows away the competition with highest real-time stablecoins lending rates

Chainwire 1 min ago

Playnance Launches PlayBlock: The Future of Zero-Gas Blockchain for Trading, Gaming, and Web3 Adoption

Chainwire 3 mins ago

Solanex Token Sale Raises Over $1,000,000 to Revolutionize the DeFi Trading on Solana

Chainwire 7 hours ago