KuCoin Gains Austrac Registration For Crypto Services in Australia

TLDR

• KuCoin has registered with Austrac to operate as a digital currency exchange in Australia.
• The registration allows KuCoin to comply with Australian regulatory requirements, though it is not a full license.
• KuCoin has partnered with Echuca Trading to bring regulated crypto futures products to Australian users.
• The exchange has added fiat on-ramp support to make it easier for Australian users to deposit and trade local currency.
• KuCoin aims to expand its regulatory presence in Australia and remain compliant as local crypto regulations evolve.

Crypto exchange KuCoin has officially registered with Australia’s financial intelligence agency, Austrac. The move allows KuCoin to legally operate as a digital currency exchange (DCE) within the country. This registration comes as Australian regulators increase their scrutiny of offshore crypto platforms.

KuCoin Registration Allows Legal Operation in Australia

By registering with Austrac, KuCoin can now offer its services under formal oversight in Australia. While the registration is not a full license, it is required for digital currency exchange operations. Regulators in Australia have recently focused more on enforcing compliance with local financial laws.

The Australian Securities and Investments Commission (ASIC) has raised concerns about digital assets, including stablecoins. ASIC stated that many such assets may require specific licenses to operate in Australia. KuCoin’s registration is timely, given these regulatory changes in the country.

Partnership with Echuca Trading Supports Regulated Futures Products

As part of its Australian expansion, KuCoin has partnered with Echuca Trading. This financial services firm is already licensed by ASIC, making it a crucial part of KuCoin’s local strategy. The collaboration aims to bring crypto futures products to Australian users within a regulated framework.

KuCoin’s partnership with Echuca Trading marks an important step in the exchange’s compliance efforts. This partnership will help ensure that KuCoin’s offerings are fully aligned with Australia’s regulatory standards. The exchange will continue working with local partners to expand its regulatory presence in the country.

KuCoin Adds Fiat On-Ramps for Australian Users

KuCoin has also rolled out new fiat on-ramp support for Australian users. This feature allows users to deposit local currency more easily and trade cryptocurrencies. By adding fiat on-ramps, KuCoin aims to simplify the process of converting Australian dollars into digital assets. With the new fiat on-ramps, users will have a smoother experience when interacting with the platform.

KuCoin continues to focus on expanding its offerings and improving user access to the crypto market. The exchange plans to seek further registrations as it continues to build its regulatory presence in Australia. KuCoin’s steps in Australia demonstrate its efforts to meet local regulatory requirements while expanding its user base.