Cryptocurrency Update

BTC Markets receives AFSL

BTC Markets is the first cryptocurrency exchange in Australia to successfully achieve its Australian financial services (AFS) licence, via its sister company BTCM Payments. MTC Markets has been appointed as an authorised representative of the AFSL. The AFSL is focused on non-cash payments and general advice, with variations to come in future.

PayPal enables cryptocurrency transfer to external wallets

PayPal has finally enabled users to transfer digital currencies to external wallets after allowing users to buy and sell cryptocurrency on its platform two years ago. Supported coins include Bitcoin, Ether, Bitcoin Cash and Litecoin. Once crypto has been transferred onto PayPal, it can be spent like regular funds. Transfers out of the PayPal network will incur a fee.

CHOICE releases crypto investments view

Consumer group CHOICE has urged the government to introduce greater protections for consumers in the cryptocurrency market after a new survey found that one in nine Australians has bought crypto in the past year, and one in five are either involved in or are interested in trading. CHOICE says the crypto industry is booming, but our laws lag behind, leaving consumers at risk.