tl;dr
Transak, a global fiat on/off ramp service, has obtained its Digital Currency Exchange (DCE) registration in Australia from AUSTRAC. This regulatory approval allows Transak to operate as a compliant exchange in the country, addressing concerns around regulatory uncertainty and consumer protection. T...
Transak, a global fiat on/off ramp service, has obtained its Digital Currency Exchange (DCE) registration in Australia from AUSTRAC. This regulatory approval allows Transak to operate as a compliant exchange in the country, addressing concerns around regulatory uncertainty and consumer protection. The company aims to serve Australian fintech platforms, institutional clients, and individual users with localized, cost-effective, and efficient payment solutions.
Meanwhile, Transak is also strengthening its regulatory presence in the U.S. by securing Money Transmitter Licenses (MTLs) in Illinois and Missouri. Australia has seen growing crypto adoption, particularly among younger demographics, but is also facing increased regulatory scrutiny within its crypto sector.
Global fiat on/off ramp service Transak has obtained its Digital Currency Exchange (DCE) registration in Australia, marking a major step in its international expansion. The company received its DCE registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC), allowing it to operate as a fully compliant exchange in the country.
Australia has seen growing crypto adoption, with a rising number of younger Australians, particularly those aged 25 to 44, increasingly turning to digital assets, as per a 2023 survey by crypto exchange Swyftx. But the push for regulatory clarity comes at a time of increasing scrutiny across Australia’s crypto sector. Last month, AUSTRAC took regulatory action against 13 firms, cracking down on compliance failures within the digital currency exchange sector.
Australia’s consumer watchdog, the Australian Competition and Consumer Commission (ACCC), has also raised concerns about the potential risks of relaxed regulations in other countries, such as the U.S. The ACCC Chair Gina Cass-Gottlieb has warned of a possible increase in scams targeting vulnerable Australian consumers, calling the potential regulatory "looseness" a “horror scenario.”