Crypto.com, a payments and cryptocurrency platform, has won an Australian Financial Service License (AFSL), as the company prepares to issue cards in Australia.

The AFSL licence is a requirement for all blockchain firms to operate in the country and comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Obtaining this licence follows The Card Group’s acquisition by Crypto.com, which was approved by Australia’s Foreign Investment Review Board.

Financial details of the transaction were not divulged.

Crypto.com will use the AFSL to start local issuance of its Crypto.com Visa Card in Australia, which is already available worldwide.

This will allow the company to have direct relationship with Australian customers and the country’s financial ecosystem.

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By GlobalData

It also intends to work with local networks to fast-track product development for Australian customers.

Crypto.com is committed to becoming licensed and working within the frameworks of local regulations around the world.

Securing an AFSL is part of this commitment and comes close on the heels of Crypto.com supporting AUD transactions via BPAY and NPP payment platforms.

Crypto.com co-founder and CEO Kris Marszalek said: “We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers.

“We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission.”

Founded in 2016 and headquartered in Hong Kong, Crypto.com employs more than 600 people.

It has over five million customers, who can access the Crypto.com app, card, exchange platform and DeFi wallet.

In May 2020, Crypto.com began shipping its crypto-to-fiat card, the MCO Visa card, to 31 countries in Europe that include 27 member states of the European Union (EU).

In April, Crypto.com announced a series of measures to support customers in the wake of the Covid-19 pandemic.