The cryptocurrency exchange – FTX – has established an Australian branch called FTX Australia Pty Ltd. The Aussie arm of the trading venue will offer OTC digital asset products and services, as well as derivatives.
FTX creates a division in Australia
According to a recent press release, the new subsidiary of the exchange will be headquartered in Australia’s financial heartland, Sydney. FTX Australia has received regulatory approval from local watchdogs and will provide plenty of crypto opportunities for investors.
Sam Bankman-Fried – CEO and Founder of FTX – said the establishment of the entity “should provide all our local clients with the confidence of trading on a registered and licensed platform.” He outlined that his firm has allocated significant resources to engage “proactively” with the Australian financial watchdogs.
“We seek to participate in policy discussions globally and will seek to maintain that same level of engagement locally through FTX Australia, and are encouraged by the significant work being undertaken to establish a new digital asset licensing regime” , added the CEO.
FTX’s expansion in Australia comes at a time when the nation seeks to create a better ecosystem for investors. A few months back, Josh Frydenberg – a politician and Federal Treasurer – indicated that the country will implement a “comprehensive payments and crypto-asset reform plan” in 2022.
The reform proposal, believed to be the largest in 25 years, aims to allow Australians to buy and sell bitcoin and alternative coins in a regulated environment. At the same time, local stock exchanges will have to clarify their activities and operate under greater scrutiny.
Frydenberg opined the legislation will enhance innovation and consumer uptake of digital technologies and place Australia among the leading cryptocurrency leaders.
FTX expansion in Africa
Last week, the trading platform partnered with fintech firm AZA Finance to accelerate cryptocurrency adoption across Africa. The allies are committed to connecting African markets to the global Web3 industry by designing the necessary infrastructure.
The collaboration will also focus on developing African currency and digital currency pairs, as well as introducing non-fungible tokens and artists to the broader population of the continent.
Elizabeth Rossiello – CEO and Founder of AZA Finance – predicted that cryptocurrencies, NFTs and Web3 could play a vital role in Africa’s future. As such, the region should seize such opportunities, she concluded.
