CloudTech Group has launched RooRooEx, an Integral-powered digital asset trading platform aimed at institutions, high-net-worth clients and individual investors.
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The company plans to make the platform available in Australia, Singapore and Malaysia, although it has not identified the entities that would serve clients in each market.
Australian Licensing Position Remains Unclear
Australian registry records identify RooRooEx as a business name of CloudTechX Pty Ltd, according to ABN Lookup.
CloudTechX is registered with AUSTRAC as a digital currency exchange and remittance provider, which covers anti-money laundering obligations rather than financial services licensing.
CloudTechX does not hold its own Australian Financial Services Licence. A CobWeb Pay disclosure identifies it as a corporate authorised representative of AFSL holder Bellevue Hill Capital, but limits that authorisation to approved non-cash payment products.
CloudTech has not said whether the authorisation covers RooRooEx; the licence required will depend on the assets offered and the role CloudTechX performs.
Integral Connects RooRooEx to Crypto Liquidity
According to Integral, its technology connects RooRooEx to multiple liquidity providers and routes orders across the available sources. The platform supports major cryptocurrencies through AUD-, USD- and USDT-denominated pairs.
Clients can place market and limit orders or use time-weighted average price strategies. RooRooEx also provides separate controls for trading, risk, settlement and reconciliation.
Integral supplies the underlying technology, while the announcement does not identify it as the platform operator, custodian or counterparty.
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Australia Is Changing Its Digital Asset Licensing Rules
RooRooEx’s planned availability in Australia comes as ASIC revises the regulatory treatment of digital asset businesses. Companies using the regulator’s sector-wide no-action position for digital asset-related financial products and services have until September 30 to apply for or vary an AFS licence.
CloudTech told Finance Magnates that RooRooEx is limited to spot trading in digital assets that it does not consider financial products under Chapter 7 of Australia’s Corporations Act.
The company said RooRooEx neither relies nor intends to rely on ASIC’s transitional relief or no-action arrangements. On that basis, CloudTech said the September 30 deadline does not apply to the platform under its current operating model.
CloudTech added that RooRooEx would not provide services involving financial products unless it first obtained the required Australian Financial Services Licence permissions or operated under an appropriately authorised licence holder.
This would also apply if its activities fall within the government’s Digital Asset Framework once that legislation is enacted. The statement addresses the platform’s position in Australia. CloudTech has not identified the entities or regulatory arrangements that would support RooRooEx’s planned availability in Singapore and Malaysia.
