Crypto.com Finalized Acquisition of Australian Firm to Secure Financial Service License

By Warren Hayes | December 7, 2020

Crypto exchange and debit card firm Crypto.com has reportedly successfully acquired an Australia-based financial services firm, in a bid to get its hand on an Australian Financial Service License (ASFL). 

Specifically, the company involved in the acquisition – The Card Group Pty Ltd – is reportedly recognized as focusing primarily on “prepaid card, mobile, and wearable solutions”, the help with the engagement level of cardholders.

Most noteworthy, the company has previously been regulatorily greenlit by Australia’s Foreign Investment Review Board, which would greatly help with Crypto.com’s acquisition of an ASFL. 

Should it manage to get its hands on an ASFL, Crypto.com will have the necessary legal license to make its proprietary card available across Australia, as well as to build direct relationships with the users in the country and key players in the wider Australian financial services system.

Crypto.com – which currently facilitates an app, an exchange and a DeFi wallet, together with Visa card – has reportedly conducted initiatives to establish its presence toward the Australian demographic. It has recently rolled out support for Australian dollar transfers, transferring to or from its platform through NPP (PayID) or BPAY from user bank accounts.

It is reportedly mandatory for every blockchain-related entity, whose activities surround particular financial services, to obtain an ASFL to do business in Australia, which means it’s their duty to stay in compliance with the nation’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

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