US-based cryptocurrency exchange Coinbase has announced it will strengthen its presence in Australia, allowing locals an “easier and safer” option to enter the digital asset industry.
The company described “The Land Down Under” as a “hotbed of fintech innovation.”
More crypto options for Australians
In a recent announcement, Nana Murugesan, CEO of Coinbase, stated that Australians are among the early adopters of digital assets and “smart investors”. As such, the exchange introduced a variety of crypto offerings to these residents.
First, Coinbase launched PayID, a feature that allows Australians to top up their accounts through direct transfers of Australian dollars.
Second, the company launched advanced retail trading to local customers, which means they can access low-volume-based pricing instruments with a unified balance. Australians will also rely on 24/7 customer support for any issues that arise while using the platform.
“At Coinbase, we believe that advancing access to crypto and Web3 will increase economic freedom around the world,” Murugesan said.
The executive further noted that Coinbase is a proponent of cryptocurrency regulations and has cooperated with Australian financial regulators before introducing the offerings:
“In Australia, we have incorporated Coinbase as a local entity (Coinbase Australia Pty Ltd) and obtained registration and registration with the Australian Transaction Reporting and Analysis Center (AUSTRAC) to provide digital currency exchange services. We believe that Australia is well positioned to lead the world in its approach to crypto.”
Also discussing the recent updates was Jason Potts, co-director of the Blockchain Innovation Hub at RMIT. He believes Coinbase’s presence in Australia is an important step in the country’s transition to a digital economy.
Australia puts Crypto on its agenda
Global macroeconomic events led to a change in Australia’s governing body. Earlier this year, the Labor Party won the federal election, while its leader Anthony Albanese became the nation’s new prime minister.
Once elected, he promised to focus on three main issues: fighting climate change, reducing the cost of living and applying comprehensive rules to the cryptocurrency sector.
A few months later, the Labor Party showed its intention to determine which digital assets are most popular among domestic consumers and to regulate them. Known as the “token map,” the results are expected before the end of 2022.
Last but not least, the Australian Federal Police created a cryptocurrency unit whose aim is to detect criminals using digital assets in their illicit affairs. The agency’s goal is to seize more than $400 million in proceeds of crime by the end of fiscal year 2024.
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