Crypto Adoption: Australia Grants Financial Services License to This Crypto Company

Living Room of Satoshi (LRoS) is the first Bitcoin company in Australia which has been granted an Australian Financial Services License.

LRoS officially broke out this announcement on August 22, claiming itself as the “first bitcoin company in the burgeoning Australian cryptocurrency industry” to get this license.  It’s important to note that the Australian financial Service Licenses (AFSL) are issued by the Australian Securities and Investments Commission (ASIC). Every Australian business that is involved in the provision of financial services must obtain an AFSL license.

Living Room of Satoshi Becomes the First AFSL Licensed Bitcoin Company

Living Room of Satoshi
Source: Twitter

While Australia is known for its positive attitude towards crypto-blockchain startups, the country has strict regulations in place for crypto-focused businesses to operate legally within the nation. LRoS, by becoming the first bitcoin company to get the AFSL license, has reaffirmed Australia’s crypto-friendly stance. Launched in May 2014, LRoS is the oldest crypto payment company which has reportedly processed over $100 million worth of Australian bills using Bitcoins. LRoS enables customers to pay cryptocurrency for various utilities including phone bills, electricity bills, credit cards, school fees, taxes and more.

Daniel Alexiuc, the CEO of Living Room of Satoshi (LRoS) excitedly said in a statement

“This achievement is the first of its kind in Australia and is a testament to our great team”, noted Alexiuc. “The license allows us to expand the scope of Bitcoin payments in Australia, with larger bill payments for consumers, and full-service payment facilities and APIs for businesses.”

Crypto Eco-system in Australia

While most countries are still grappling with the question of how to regulate crypto, Australia is already formulating regulations around cryptocurrencies that allow them to grow in a secure environment. Similar to Switzerland and Singapore, Australia’s stance on the crypto industry is attracting investments in the space from global players. U.S based crypto exchange, Gemini, with its new branch, is the latest to join the list of crypto companies that are serving the crypto savvy Australians.

Gemini exchange is initially offering crypto trading services for five cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Zcash on its Australian crypto trading platform.

Coingape had reported in early February 2019 that crypto trading platforms operating in the country must get registered with the country’s financial authority, AUSTRAC (The Australian Transaction Reports and Analysis). AUSTRAC, though it is encouraging pro-crypto regulations, it also wants to ensure that the crypto exchanges operating within the country must comply with KYC-AML rules and take measures to prevent the use of cryptocurrencies for crime.

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