Payment infrastructure provider Transak is expanding to Australia after approval of the exchange

Global Fiat on/off disaster Service Transak has obtained its Digital Currency Exchange (DCE) registration in Australia, which marks an important step in its international expansion.

The company received its DCE registration from the Australian Transaction Reports and Analysis Center (Austrac), so that it can operate as a fully conforming exchange in the country.

Apart from a Virtual Asset Service Provider (VASP) permit in other parts of the world, this regulatory approval is of crucial importance for Transak, which ensures compliance with Australia’s strict anti -witwas practices (AML) and regulations for the fight against terrorism (CTF).

By securing Austrac registration, Transak Australians can now offer a conforming gateway to buy crypto, which tackles concern about regulatory uncertainty and consumer protection.

“This approval validates our dedication to compliance, security and consumer protection,” said James Young, head of the Compliance at Transak. He added that Australia is an “important market” for the company, and that Transak “works closely with regulators to support the fast -growing digital assets eco system of the country.”

“This milestone also opens opportunities for Transak to operate Australian fintech platforms, institutional customers and individual users with localized, cost-effective and efficient payment solutions,” Transak said in a press release.

At the same time, Transak continues to strengthen its regulatory presence in the US

The company has recently protected Money Zenderlenclictions (MTLS) in Illinois and Missouri, so that the crypto transactions in these states can immediately facilitate.

Australia and Crypto

Australia has seen the growing crypto adoption, with an increasing number of younger Australians, in particular those from 25 to 44, who are increasingly turning to digital assets, according to a 2023 survey by Crypto exchange Swyftx.

But the urge for regulatory clarity comes at a time of increasing control of the Crypto sector of Australia.

Last month, Austrac took regulatory action against 13 companies, whereby he had established the compliance errors within the digital currency exchange sector sector.

As part of an annual survey, the agency has identified more than 50 other companies that are assessed for potential violations.

The consumer watchdog of Australia, the Australian Competition and Consumer Commission (ACCC), has also expressed concern about the potential risks of relaxing regulations in other countries, such as the US

The ACCC chairman Gina Cass-Gottlieb has warned a possible increase in scams that focuses on vulnerable Australian consumers and calls the potential regulatory “looseness” a “horror scenario”.