Crypto.com has expanded its reach in Australia by acquiring Fintek Securities, a licensed brokerage and trading firm. This move allows the platform to offer users in Australia access to traditional financial products alongside its crypto services. Fintek works under the oversight of the Australian Securities and Investments Commission (ASIC) and holds a valid Australian Financial Services Licence.
Crypto.com’s General Manager for Australia, Vakul Talwar, called the acquisition a “major milestone” for the Singapore-based exchange. It will allow Crypto.com to expand its services by offering equities trading on both Australian and international stock markets.
It also allows the platform to provide a wider range of financial products, including deposit accounts, derivatives, securities, foreign exchange services, and managed investment schemes. He said:
As part of this brokerage acquisition, we will be able to launch equities trading on Australian and international exchanges including, but not limited to, the Australian Securities Exchange, London Stock Exchange, New York Stock Exchange, and Nasdaq.
Crypto.com merges traditional and digital finance
Talwar explains that the main aim is to connect traditional finance with digital assets by incorporating traditional brokerage features. This will enable users to manage a variety of investment assets and classes seamlessly. In Australia, Bitcoin and other cryptocurrencies are fully legal for trading, spending, and holding. However, businesses are not required to accept them as payment for goods or services.
In Aug. 2022, the government revealed plans to consult with industry leaders, investors, and stakeholders to develop a regulatory framework for the crypto sector. The process is still underway. Speaking at the AFR Crypto and Digital Assets Summit in Sydney on Sept. 23, ASIC Commissioner Alan Kirkland announced that the regulator is preparing to introduce new guidelines. These would require crypto exchanges to secure financial services licenses.
Talwar shared that Crypto.com has been actively engaging with Australian authorities to push for clear and effective crypto regulations in the country. On Oct. 31, Crypto.com revealed its acquisition of Watchdog Capital, a U.S.-based broker-dealer registered with the SEC. This allows Crypto.com to offer stocks and equity options to qualified traders in the United States.
