American cryptocurrency exchange Coinbase plans to launch a subsidiary in Australia and provide new services to local users.
Nana Murugesan, Coinbase vice president of international business development, said that retail traders will first have access to the services of the Australian division, and services for institutional clients will be launched a little later.
The choice of Australia, according to Murugesan, is logical – the penetration and interest in cryptocurrencies in the local market is not inferior to the United States and other countries of the world. The Australian division of the exchange will be named Coinbase Australia Pty Ltd and will be licensed to provide digital currency exchange services by the local financial intelligence agency (AUSTRAC).
“We were pleasantly surprised by the hospitality with which we were greeted in Canberra by representatives of various regulators. However, they asked us very difficult questions, including listing of tokens, technical details, and so on. In Australia, they ask deeper questions than in some other countries, ”says a top Coinbase manager.
It is not yet known exactly when the Australian unit will be launched. However, the company has big plans. In particular, it is planned to develop Web3 projects in the country – for this, Coinbase Australia will cooperate with the Blockchain Development Center of the Royal Melbourne Technical University.
Earlier, Coinbase CEO Brian Armstrong said that regulatory enforcement measures against cryptocurrency companies are holding back the development of the industry.
Source: Bits
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