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OKX, a leading cryptocurrency exchange and Web3 technology company, voiced its interest in expanding its operations in Australia, a country that the firm considers a key growth market for its businesses, according to Cointelegraph.
The announcement was made at an exclusive event for Australia’s crypto community at the Melbourne Arts Centre.
OKX will start its activities in the country by sponsoring the McLaren F1 Team car driven by Australian Lando Norris and Oscar Piastri of Australia. However, the crypto exchange has not yet registered with AUSTRAC, the Australian licensing regime required to offer cryptocurrency services.
Celebrations in Melbourne are in full swing as #OKX announced opening our office in Australia! 🇦🇺
— OKX (@okx) March 29, 2023
Big s/o to OKX partners @danielricciardo, @scottyjames31, @oscarpiastri, our team & frens for joining the fun 🏆 pic.twitter.com/m9rvVOmwYq
In this regard, Chief Marketing Officer at OKX Haider Rafique attributed the company’s interest in expanding in Australia to being an indispensable part of this strategy and a key growth market in addition to the huge appetite of Australians for more crypto investment and trading products.
In statements to Cointelegraph, Rafique pointed out: “What I’ve interestingly found over the last 5-6 years is that Australian retail investors certainly show a huge appetite for exploring crypto as an investment vehicle and also for trading. When I came to OKX, I certainly saw that in terms of web traffic and people from Australia trying to explore OKX services.”
He believed that Australians have a big awareness of crypto and the value of blockchain and their potential therefore his company’s mission in the country will go smoothly, expressing his impression about the Aussie start-up scene.
It is worth mentioning that OKX is offering its crypto services in 100 countries around the world and obtained a provisional license in Dubai in July 2022. It holds reserves among major exchanges at $8.9 billion.
In September 2022, a survey by Australian crypto exchange Swyftx found that about one million Australians (4% of the population) are predicted to enter the crypto industry for the first time within the next 12 months.
The European Parliament is trying to take tougher steps toward regulating the crypto industry, especially against crypto users who have no verified identity.
Members of the European Parliament from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee (LIBE) voted in favor of imposing a €1,000 limit on crypto transactions in which crypto users have unverified identities.
Under this new law, all entities, such as banks, assets and crypto assets managers, real and virtual estate agents, and high-level professional football clubs, will be required to verify their customers’ identity, according to Bitcoinist.
A statement by the European Parliament said: To restrict transactions in cash and crypto assets, MEPs want to cap payments that can be accepted by persons providing goods or services. They set limits up to €7,000 for cash payments and €1,000 [$1,084] for crypto-asset transfers, where the customer cannot be identified.”
The European Parliament’s move aims to combat money laundering, terrorist financing, and evasion of sanctions in the EU.
European Parliament Member Aurore Lalucq pointed out in a tweet that new legislation specifically affects cryptocurrency trading platforms and NFTs. Lalucq noted that the NFTs are now subjected to anti-money laundering rules, adding the NFT marketplaces have to comply with the new requirements.
The European lawmaker underlined that the European Anti-Money Laundering Authority (AMLA) will outline a list of risky platforms based outside the EU.
Meanwhile, Damien Carême, a French lawmaker, said the legislation does not aim to ban crypto payments but to target money laundering, asserting the limit cap only applies to unregulated wallets and unverified users.
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