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 Sets up a Division in Australia
According to a recent press release, the new subsidiary of the exchange will be headquartered in Australia’s financial heart – Sydney. FTX Australia received regulatory approval from the local watchdogs and will offer numerous crypto opportunities to 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 look to be a participant in policy discussions globally and will seek to continue this same level of engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime,” the CEO added.
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, said to be the biggest in the last 25 years, aims to allow Aussies to buy and sell bitcoin and alternative coins in a regulated environment. At the same time, local exchanges will have to clarify their activities and operate under greater supervision.
Frydenberg opined the legislation will enhance innovation and consumer uptake of digital technologies and place Australia among the leading cryptocurrency leaders.
FTX’s Expansion in Africa
Last week, the trading venue partnered with the fintech company AZA Finance to accelerate the adoption of cryptocurrencies throughout Africa. The allies vowed to connect African markets to the global Web3 sector 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 – forecasted that cryptocurrencies, NFTs, Web3 could play a vital role in Africa’s future. As such, the region should embrace opportunities of this kind, she concluded.