MoonPay Officially Registered for Crypto Services in Australia

MoonPay Secures Key Registration for Australian Crypto Market

MoonPay, a leading crypto payments platform, has recently secured registration with Australia’s financial intelligence agency, AUSTRAC. This crucial step allows MoonPay to offer its crypto exchange services across Australia, including local payment methods such as Osko and PayID. 

This registration aligns with the growing interest in digital assets in Australia, where one in five adults has owned or currently owns crypto, and supports MoonPay’s global expansion strategy.

What’s The News

MoonPay Secures Registration with AUSTRAC for Crypto Services in Australia

Crypto payments platform MoonPay has achieved a significant milestone by registering with Australia’s financial intelligence agency, AUSTRAC. 

This registration marks an important step for MoonPay in expanding its services to Australian users. As of September 12, MoonPay can now offer crypto exchange services in Australia, providing local payment methods such as Osko and PayID.

This move aligns with MoonPay’s strategy to establish local payment processing relationships and cater to the growing crypto Market in Australia. According to MoonPay’s senior editorial lead, Geoffrey Lyons, approximately one in five Australian adults has owned or currently owns crypto assets. Additionally, Australia launched its first Bitcoin ETF in June, indicating a growing interest in digital assets.

With its AUSTRAC registration, MoonPay must adhere to Australia’s anti-money laundering and counter-terrorism financing laws. This includes implementing know-your-customer (KYC) protocols, reporting requirements, and maintaining thorough records. 

While this registration is not a full license or endorsement from AUSTRAC, it represents a critical step as MoonPay continues to navigate the evolving regulatory environment in the Australian Crypto Market.

In addition to its Australian registration, MoonPay is also registered in the U.K., Ireland, Italy, Canada, and 44 U.S. states, where it holds money transmitter licenses. Co-founder Ivan Soto-Wright emphasizes that MoonPay will persist in its global regulatory engagements to ensure compliance and foster growth in the crypto sector.

Conclusion

MoonPay's AUSTRAC registration marks a significant milestone for its operations in Australia, enhancing its ability to cater to local users with convenient payment options. While not a full license, this move signifies MoonPay's commitment to regulatory compliance and expansion in the evolving crypto landscape. As Australia’s interest in digital assets continues to grow, MoonPay is well-positioned to play a key role in the country’s crypto market.

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