Bit Trade Australia, a Bitcoin service provider, is planning to apply for an Australian Financial Services License (ASFL) to foray into wealth management and merchant services.
The firm has appointed commercial and financial services lawyers from law firm, Holley Nethercote, to apply for the AFSL application over the next two weeks, according to Australian Financial Review.
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Ron Tucker, managing director of Bit Trade said he wanted to assure that the company remained on the right side of any regulatory considerations to expand its presence into financial services.
"In the long term, we would consider wealth management and superannuation. The digital currency space is highly speculative at this time and you need to be fully aware and comfortable with the amount you’re willing to invest in or risk," he added.
Under the expansion plan, Bit Trade is in the process of developing several platforms and ¬interfaces customized for merchants and ¬businesses.
Tucker added that the Australian government has to pay more attention to Bitcoins to improve the legitimacy of the currency.
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By GlobalData"Digital currency is here to stay. There’s certainly a need for an agile response, and if we don’t respond appropriately now and quickly to get off on the right foot, there’s a possibility that Australia gets left behind," he added.
