The post AUSTRAC approves license for Blockbid, Australia’s first insured exchange appeared first on CoinReport.
Blockbid is now registered with the Australian Transaction Reports and Analysis Centre (Austrac). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came about last week.
Austrac has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.
Over the past few weeks, we have several countries taking an interesting stance on Bitcoin and other digital currencies. The Australian Senate’s Economic References Committee has greenlit an inquiry into such digital currencies.
It will take a while to gather all of the evidence to make a case, but we should find out more in the first sitting day, which will take place during March of 2015. The timing for this inquiry is rather interesting though, as it comes on the heels of the long awaited guidelines for cryptocurrency earnings and taxations.