KuCoin Exchange Obtains AUSTRAC License for Fiat Trading in Australia
On November 25, KuCoin received regulatory licenses to legally operate in Australia, expanding into one of the Asia-Pacific region's stricter markets. This allows KuCoin to offer fiat on-ramps for Australian users, facilitating digital asset purchases through local banking and AUD payment methods.
- KuCoin is now registered as a Digital Currency Exchange under AUSTRAC, adhering to AML and counter-terrorism financing standards.
- This registration integrates KuCoin within Australia's regulated digital asset framework, managed by AUSTRAC.
BC Wong, Global CEO of KuCoin, highlighted this AUSTRAC registration as crucial for global compliance. Australia is noted for its high digital asset oversight standards. KuCoin plans continued investment in compliance systems to protect users and bolster the Australian digital asset ecosystem. Additionally, KuCoin partnered with Echuca Trading to expand into regulated crypto futures markets.
Japan's New Liability Reserve Rules for Crypto Exchanges
The Financial Services Agency (FSA) in Japan is preparing new rules mandating crypto exchanges to maintain liability reserves. This aligns digital assets with traditional securities oversight.
- Exchanges must hold liquid assets to cover operational risks, security incidents, and compensation obligations.
- The move follows historical exchange failures such as Mt. Gox and Coincheck.
- The rule change aims to enable compliant services for institutional investors in Japan.