MoonPay has been registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services in Australia.

This registration may allow the company to establish local payment processing relationships across the country. As a result, Australian users of MoonPay could have access to alternative payment methods, including Osko and PayID.

Meeting AML/CTF Requirements

Australia continues to see growth in crypto-asset adoption. A recent report indicated that one in five Australians has either currently or previously held crypto assets. In June, Australia launched its first Bitcoin ETF.

As a registered company, MoonPay will need to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act. This legislation regulates AUSTRAC’s functions, and MoonPay will be required to meet reporting, Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term, and record-keeping obligations.

Meanwhile, MoonPay has partnered with PayPal to offer a crypto purchasing option for users in the US, as reported by Finance Magnates. This service allows transactions through PayPal using wallet transfers, bank transfers, and debit cards, aiming to improve the accessibility and convenience of buying and trading cryptocurrencies.

MoonPay Registers with AUSTRAC to Offer Crypto Services in Australia

MoonPay registers with AUSTRAC to offer crypto exchange services in Australia, adding local payment methods like Osko and PayID.#Blockchain #CryptoNewshttps://t.co/ipEqOM3Zk5

— Global Crypto News (@GlobalCNNews) September 12, 2024

Global Registration Status

It should be noted that “MoonPay’s registration is not a license or endorsement by AUSTRAC.” In addition to Australia, MoonPay has received registrations in the U.K., Ireland, Italy, and Canada, as well as 44 Money Transmitter Licenses across the U.S.

“MoonPay continues to advocate for simple and compliant exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term of crypto assets around the world,” said MoonPay Co-Founder and CEO, Ivan Soto-Wright.

“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.”