Summary:
MoonPay registers with AUSTRAC to offer digital currency exchange services in Australia.
Users can access alternative payment methods like Osko and PayID.
One in five Australian adults owns crypto assets, indicating growing adoption.
MoonPay complies with AML/CTF Act and meets KYC requirements.
CEO Ivan Soto-Wright emphasizes commitment to compliance and consumer safety.
MoonPay's Registration in Australia
MoonPay, a leading Web3 infrastructure company, has officially registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), paving the way for the provision of digital currency exchange services in Australia. This significant move will enable MoonPay to establish local payment processing relationships across the country, allowing users to utilize alternative payment methods such as Osko and PayID.
Growing Crypto Adoption in Australia
The adoption of crypto assets in Australia is on the rise, with recent reports indicating that one in five Australian adults currently or previously owned crypto assets. Additionally, Australia made headlines by launching its first Bitcoin ETF in June, further solidifying its position in the crypto landscape.
Compliance with Regulations
As a registered entity, MoonPay will adhere to Australia’s AML/CTF Act, which governs AUSTRAC’s functions. This compliance involves meeting stringent reporting, KYC, and record-keeping requirements.
Commitment to Consumer Safety
Ivan Soto-Wright, co-founder and CEO of MoonPay, expressed his enthusiasm: “MoonPay continues to advocate for simple and compliant exchange of crypto assets around the world. 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.”
Global Reach
To date, MoonPay has received registrations in the U.K., Ireland, Italy, Canada, and Australia, along with 44 Money Transmitter Licenses across the U.S.. It's important to note that MoonPay’s registration does not equate to a license or endorsement by AUSTRAC. As always, the value of crypto assets can fluctuate significantly, posing a risk of financial loss for investors.
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