FTX has announced that it is launching in Australia, just days after setting up a base in the Middle East.
FTX Australia plans to offer derivatives as well as over the counter-based products and services.
Speaking on the opening day of Blockchain Week, the CEO of the exchange said that FTX has recently received a license to serve the Australian market.
FTX’s international platform has been used by Australians for some time, but the launch of a domestic presence is seen as an attempt by the exchange to appease lawmakers.
“We look forward to being a participant in policy discussions globally and will seek to continue this level of engagement locally through FTX Australia, and we are pleased to note the significant work being done to establish a new digital asset licensing regime.” is encouraged,” CEO Sam Bankman-Fried told a virtual audience.
Australia recently proposed regulations to cover cryptocurrency taxes, protect investors from criminals, and regulate digital banks, cryptocurrency exchanges and brokers.
As the government opens the proposal for public discourse, the Minister of Digital Economy, Jane Hume, said: “The government cannot guarantee your crypto can guarantee a painting or a stake in a company, nor should it. “
“But we can ensure that Australian exchanges, custodians and brokers – Australian players in the crypto ecosystem – operate within a regulatory framework that is better, safer and more secure,” she said.
Government will soon start consultations with major crypto players
The Australian government will issue three important documents before starting consultations with major players in the cryptocurrency space. One of the documents is a paper seeking input from industry stakeholders on the right approach to licensing and crypto custody.
One of the early ideas proposed by the Treasury was to force exchanges to hold crypto assets within Australia’s borders.
A survey run in 2021 reported that a quarter of Australians owned or previously owned virtual currencies, making the country one of the largest per capita adopters of digital assets.
Recently, FTX obtained a license to operate a crypto exchange in Dubai.