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MoonPay has been registered with the Australian Transaction
Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange
services in Australia.
This registration may allow the company to establish local
payment processing relationships across the country. As a result, Australian
users of MoonPay could have access to alternative payment methods, including
Osko and PayID.
Meeting AML/CTF Requirements
Australia continues to see growth in crypto asset adoption.
A recent report indicated that one in five Australians has either currently or
previously held crypto assets. In June, Australia launched its first Bitcoin
ETF.
As a registered company, MoonPay will need to comply with
the Anti-Money Laundering and Counter-Terrorism Financing Act.
This legislation regulates AUSTRAC’s functions, and MoonPay will be required to
meet reporting, Know Your Customer (KYC), and record-keeping obligations.
Meanwhile, MoonPay
has partnered with PayPal to offer a crypto purchasing option for users in
the US, as reported by Finance
Magnates. This service allows transactions through PayPal using wallet
transfers, bank transfers, and debit cards, aiming to improve the accessibility
and convenience of buying and trading cryptocurrencies.
MoonPay Registers with AUSTRAC to Offer Crypto Services in AustraliaMoonPay registers with AUSTRAC to offer crypto exchange services in Australia, adding local payment methods like Osko and PayID.#Blockchain #CryptoNewshttps://t.co/ipEqOM3Zk5
— Global Crypto News (@GlobalCNNews) September 12, 2024
Global Registration Status
It should be noted that “MoonPay’s registration is not a
license or endorsement by AUSTRAC.” In addition to Australia, MoonPay has
received registrations in the U.K., Ireland, Italy, and Canada, as well as 44
Money Transmitter Licenses across the US.
“MoonPay continues to advocate for simple and compliant
exchange of crypto assets around the world,” said MoonPay Co-Founder and CEO,
Ivan Soto-Wright. “We’re thrilled to bring our services directly to Australian
users, and we will continue engaging with regulatory bodies globally to
encourage innovation while prioritizing compliance and consumer safety.”
This article was written by Tareq Sikder at www.financemagnates.com.
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