The U.K. subsidiary of Australia’s longest-running crypto exchange has received registration from the U.K.’s Financial Conduct Authority (FCA) and is pushing for similar licensing in Australia.
CoinJar UK, which is based in London, joins a growing list of 10 other registered “cryptoasset firms” including Gemini Europe Ltd.
Beginning last year under the country’s anti-money laundering and counter-terrorist financing legislation, firms carrying out specific crypto activities in the U.K. must adhere to the amended Money Laundering, Terrorist Financing, and Transfer of Funds Regulations by registering with the FCA.
The exchange is also advocating for a similar license to be implemented in Australia in order to shore up “corporate and consumer confidence” and monitor the industry’s businesses, according to a press release on Wednesday.
While CoinJar originated in Australia in 2013, the exchange relocated to the U.K. a year later as “part of a global expansion” to circumvent Australia’s Goods and Services Tax which, at the time, applied to crypto holders.
Crypto regulation in the country has often been checkered and haphazard, with digital assets becoming a legal asset class as late as 2017.
“The U.K. is a world leader in fintech and a progressive regulator,” said CoinJar CEO Asher Tan. With the establishment of the UK-Australia Fintech bridge, we hope that a similar scheme is replicated here [Australia] via ASIC and AUSTRAC.”
CoinJar Digital Currency and Exchange Services are operated by CoinJar UK Limited, a private limited company registered in England and Wales. Meanwhile, CoinJar’s Australian affiliate is operated by NPS Payment Services Pty Ltd., a related entity within the CoinJar group of companies, according to the exchange’s Australia-based website.
“While we are willing, ready, and organized for cryptocurrency regulation in Australia, until it is brought into effect, we aim to set the benchmark for best-practice in self-regulation by adhering to the spirit of the FCA obligations on home soil,” Tan added.