The firm, named The Card Group Pty Ltd, has been described as specializing in “prepaid card, mobile, and wearable solutions” for increasing cardholders’ engagement. Importantly, the firm was already approved by Australia’s Foreign Investment Review Board, paving the way for Crypto.com’s ASFL.
According to cointelegraph, Crypto.com will be licensed to legally issue its proprietary card in Australia and to establish direct relationships with domestic consumers together with actors in the wider Australian financial services system.
Crypto.com has also made some first steps to establishing an Australian user base; it recently enabled Australian dollar transfers in and out of its platform via NPP (PayID) or BPAY from user bank accounts.
All blockchain businesses whose activities encompass particular financial services are required to secure an ASFL to operate in Australia, which implies they are obliged to comply with the country’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.