Coinbase Expands Services in Australia with Two New Crypto Features

US-based cryptocurrency exchange Coinbase has announced that it will boost its presence in Australia, giving local residents an “easier and safer” option to enter the digital asset industry.

The company described “The Land Down Under” as “a hotbed of fintech innovation”.

More encryption options for Aussies

In a recent announcement, Coinbase CEO Nana Murugesan claimed that Australians are among the early adopters of digital assets and “smart investors.” As such, the exchange has offered a variety of crypto offerings to this population.

First, Coinbase launched PayID – a feature that allows Australians to top up their accounts using direct transfers in Australian dollars.

Second, the company released Retail Advanced Trading to local customers, which means they can access low-volume pricing tools with a unified balance. Australians will also rely on 24/7 customer support for any issues that arise while using the platform.

“At Coinbase, we believe that increased access to crypto and Web3 will advance financial freedom around the world,” said Murugesan.

The executive further described that Coinbase is a supporter of crypto-regulation and was working with Australian financial regulators prior to making the bids:

“In Australia, we have incorporated Coinbase as a local entity (Coinbase Australia Pty Ltd) and obtained registration and registration with the Australian Transaction Analysis and Reporting Center (AUSTRAC) to provide digital currency exchange services. We believe that Australia is well positioned to lead the world in its digital currency strategy.”

Also speaking about the latest updates is Jason Potts – Co-Director of the Blockchain Innovation Hub at RMIT. Coinbase’s presence in Australia is believed to be an important step in the country’s transition to a digital economy.

Australia puts cryptocurrency on its agenda

Global macroeconomic events led to a change in Australia’s board of directors. Earlier this year, the Labor Party won the federal election, and its leader Anthony Albanese became the country’s new prime minister.

Once elected, he promised to focus on three main issues: combating climate change, lowering the cost of living, and implementing comprehensive regulations on the crypto sector.

A few months later, the Labor Party demonstrated its intent to identify and regulate the most popular digital assets among local consumers. Known as “token mapping,” the results are expected before the end of 2022.

Last but not least, the Australian Federal Police has created a cryptocurrency unit that aims to detect criminals using digital assets for their illegal activities. The agency aims to identify more than $400 million in crime proceeds by the end of fiscal year 2024.

Coinbase expands its service in Australia with two new crypto features that first appeared on CryptoPotato.

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