As a seasoned researcher with a keen interest in the ever-evolving world of finance and technology, this latest move by Crypto.com to acquire Fintek Securities strikes me as a strategic masterstroke. The ability to offer traditional financial products outside of crypto to users in Australia is not only a huge leap forward for Crypto.com but also a testament to the growing maturity and acceptance of cryptocurrencies in the global financial landscape.
Crypto platform Crypto.com has bought out Fintek Securities, an Australian brokerage firm specializing in financial trades. This move allows Crypto.com to extend conventional investment options beyond cryptocurrency to users in Australia.
As an analyst, I can express this in a more personalized manner: I’ll be able to expand our portfolio by introducing deposit products, derivatives, securities, foreign exchange trading, and managed investment plans.
By completing this brokerage acquisition, we’ll gain the ability to start offering stock trading on various global markets, such as the Australian Securities Exchange, the London Stock Exchange, the New York Stock Exchange, and Nasdaq, among others,” he explained.
In Australia, Bitcoin (BTC) and cryptocurrencies are recognized as legitimate for trading, spending, and storing. However, businesses aren’t compelled to accept these digital currencies as a means of payment for their products or services.
By August 2022, the government had initiated discussions regarding the creation of a regulatory framework for the cryptocurrency market. These talks involved various industry experts, investors, and other relevant parties, and the process is currently underway.
During the AFR Crypto and Digital Assets summit on September 23rd in Sydney, the Australian Securities and Investments Commission (ASIC) commissioner, Alan Kirkland, indicated that the regulatory body is planning to issue fresh guidelines mandating cryptocurrency exchanges to secure financial services licenses.
According to Talwar, Crypto.com has been actively participating in conversations with Australian authorities, aiming to facilitate the development of clear regulations in the country.
“While we recognize there is currently limited guidance on crypto regulation in this country, we are working very closely with the government and ASIC and doing what we can as a responsible local industry player,” he said.
On October 31st, the cryptocurrency platform disclosed they had purchased Watchdog Capital, a SEC-registered broker-dealer. This move enables them to provide American traders with access to stocks and equity options who meet eligibility criteria.
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2024-11-18 09:26