Coins.ph Secures License in Australia

• Coins.ph’s Australian arm has obtained AUSTRAC Digital Currency Exchange registration, allowing it to offer cryptocurrency exchange services in Australia,.
• Planning to enter the Australian market in 2024, Coins.ph sees Australia as a key growth market, with a significant percentage of Australians owning or having owned cryptocurrency, and it aims to provide a more interconnected financial experience for overseas Filipinos.
• Coins.ph is actively pursuing global expansion, seeking licenses in various jurisdictions.

Locally licensed crypto exchange and e-wallet Coins.ph announced that its Australian branch has obtained the necessary AUSTRAC Digital Currency Exchange registration in Australia. This follows the company’s earlier plans to acquire cryptocurrency licenses in more jurisdictions, enabling them to offer cryptocurrency exchange services in the country.

Coins.ph in Australia

In a media release, Coins.ph highlighted that it is planning to expand into the Australian market in 2024. Moreover, the firm noted that the strategic move reflects it’s commitment to broadening its international reach and strengthening the availability of regulated and compliant digital asset services.

“Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines and since then, we’ve onboarded 18 million customers and expanded our services in both the digital asset exchange business and in e-wallet services.”

Wei Zhou, CEO, Coins.ph

According to the firm, venturing into Australia stands as a noteworthy achievement in its global expansion, reflecting its commitment to innovation in digital financial services.

“Australia is a key growth market for Coins.ph. According to a report by Independent Reserve, in 2021, 28.8% of Australians were reported to own or have owned cryptocurrency, compared to 18.4% in the year prior,” the statement read.

Coins.ph also noted that the substantial population of overseas Filipinos in Australia underscores the potential for a more interconnected financial experience, bridging their lives in Australia with their origins in the Philippines.

Coins in Other Countries

In September 2023, Zhou disclosed that the firm was seeking to obtain licenses in Australia, Latin America, and Europe; however, there have been no updates regarding the latter two.

Last month, Coins.ph has established the Digital Asset Exchange Alliance (DAEA) in collaboration with licensed exchanges Coinhako (Singapore), Indodax (Indonesia), and Bitkub (Thailand). The alliance is focused on enhancing regulatory compliance, sharing protocols, and promoting financial literacy, consumer protection, and responsible trading practices.

Prior to this, Coins.ph already holds an existing license in Thailand, where it operates under the brand Coins.co.th. Last March, the company also secured “in-principle” approvals for Virtual Asset Service Provider (VASP) licenses from the Financial Services Commission (FSC) of Mauritius, an island nation in the Indian Ocean.

Recent News

In December, Coins.ph has integrated BRC-20 inscription services to provide its users with expanded access to digital asset services. The firm stated that the move is inline with its commitment to digital asset innovation and opens the door for novel opportunities in digital asset ownership and management.

The company also announced last month that it has raised its standard daily cash-in limits: Level 2 accounts (ID and selfie verified) now have a limit of ₱500,000, and Level 3 accounts (requiring proof of address and proof of income) now have a limit of ₱10 million.

In November, the platform also implemented a recovery procedure to assist users in reclaiming assets involved in blockchain transactions. This feature enables users to recover assets sent with incorrect destination tags, transactions on unsupported networks, and deposits made with unsupported tokens.

Also last year, Coins.ph’s TradeDesk service also surpassed a trading volume of over $1 billion year to date. The service specializes in providing over-the-counter trading services for high-net-worth individuals and institutional clients.

This article is published on BitPinas: Coins.ph Goes Global, Secures License in Australia

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