The US-based cryptocurrency exchange – Coinbase – 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 Aussies
In a recent announcement, Nana Murugesan – Managing Director at Coinbase – claimed that Australians are among the early adopters of digital assets and “savvy investors.” As such, the exchange introduced a variety of crypto offerings to those residents.
First, Coinbase launched PayID – a feature that allows Aussies to top up their accounts using direct Australian dollar transfers.
Second, the firm released Retail Advanced Trading to local clients, meaning they can access low volume-based pricing instruments with one unified balance. Australians will also rely on 24/7 customer support for any arising issues when using the platform.
“At Coinbase, we believe that advancing access to crypto and Web3 will further economic freedom around the world,” Murugesan said.
The executive further outlined that Coinbase is a proponent of cryptocurrency regulations and has collaborated with Australian financial watchdogs before introducing the offerings:
“In Australia, we have incorporated Coinbase as a local entity (Coinbase Australia Pty Ltd) and obtained registration and enrolment with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services. We believe Australia is well positioned to lead the world in its approach to crypto.”
Speaking on the recent updates was also Jason Potts – co-director of the Blockchain Innovation Hub at RMIT. He believes Coinbase’s presence in Australia is a significant step in the country’s transition into a digital economy.
Australia Puts Crypto on its Agenda
The global macroeconomic events resulted in a change in Australia’s ruling body. Earlier this year, the Labor Party won the federal elections, while its leader Anthony Albanese became the nation’s new Prime Minister.
Once elected, he vowed to focus on three main issues: battling climate change, reducing the cost of living, and applying comprehensive rules to the cryptocurrency sector.
A few months later, the Labor Party displayed intentions to determine which are the most popular digital assets among domestic consumers and regulate them. Known as “token mapping,” the results are expected before the end of 2022.
Last but not least, the Australian Federal Police created a cryptocurrency unit whose goal is to detect criminals who use digital assets in their illicit affairs. The agency’s target is to restrain more than $400 million in proceeds of crime by the end of the financial year 2024.