Crypto Payment Services Platform, MoonPay Receives Registration From Australian Regulators

Crypto platform MoonPay has announced its registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This registration will allow the firm to provide digital currency exchange services in Australia.

This one is for our community in Australia.

MoonPay has registered with @AUSTRAC to provide digital currency exchange services.

That means we're about to get a lot more friendly with your favorite local payment methods! pic.twitter.com/mMKVKIl7Yg

— MoonPay 🟣 (@moonpay) September 12, 2024

MoonPay’s Expansion Into Australia Comes At A Good Time As 1-In-5 Australians Now Own Crypto

MoonPay hopes to build local payment processing relationships across the country and eventually enable Australian payment methods on its platform. If this happens, MoonPay users in Australia could potentially use local payment methods such as Osko and PayID to send and receive funds.

Crypto asset adoption continues to grow in Australia. As recently as June saw the first Bitcoin ETF launched. Also, a recent study by Swyftx revealed that 20% of Australian adults currently or previously owned digital assets.

As a registered company, MoonPay will comply with Australia’s strict Anti-Money Laundering and Counter-Terrorism Financing Act, the vital piece of government legislation that regulates AUSTRAC’s functions. With this regulation, MoonPay will need to adhere to strict reporting, KYC, and record-keeping requirements.

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CEO Of MoonPay Speaks On The Firms Move Into Australia

MoonPay CEO co-founder, Ivan Soto-Wright has spoken in a press release regarding the announcement. He said, “MoonPay continues to advocate for simple and compliant exchange of crypto assets around the world.”

Soto-Wright went on to say, “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 latest registration in Australia means that MoonPay has now received registrations in the UK, Ireland, Italy, Canada, and Australia. As well as this, they hold 44 Money Transmitter Licenses to operate across multiple states in the US.

Regulation In Australia Much Needed To Stem The Growing Tide Of Crypto Fraud

The news of MoonPay’s registration with AUSTRAC comes as the country is making inroads to bring much needed regulation to the emerging digital asset industry in Australia.

According to a report from the Australian Federal Police (AFP) , Australians fell victim to crypto scams exceeding 180 million AUD ($122 million USD) over the past 12 months. According to the same report from August 28, the majority of victims were under the age of 50.

The AFP revealed that 382 million AUD ($269 million USD) had been lost to various investment scams over the past year. 47% of those losses were attributed to cryptocurrency-related scams.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.