Coinbase Australia has been granted an Australian Financial Services Licence (AFSL) with retail derivatives authorization by the Australian Securities and Investments Commission (ASIC). This makes Coinbase the first crypto exchange to reach this significant regulatory milestone.
The AFSL permits Coinbase to offer regulated financial services in Australia, adhering to the same stringent standards as traditional financial providers. This includes enhanced consumer protection and governance.
John O’Loghlen, Coinbase Regional Managing Director APAC & Country Director Australia, stated that receiving the AFSL is a "natural next step" and aligns with the company's commitment to regulatory compliance. This license enables Coinbase to introduce its 'Everything Exchange' concept locally, offering crypto and equity perpetuals, with futures and options planned.
Since its 2016 market entry, Coinbase has established a local presence, registered with AUSTRAC, and launched region-specific services. This expansion comes as crypto ownership in Australia reaches 33% of adults, with younger demographics leading adoption.