The cryptocurrency exchange FTX announced the establishment of FTX Australia Pty Ltd in Australia as part of its global expansion.
Really excited to launch FTX: Australia!https://t.co/ZcBNEuyiG9https://t.co/jGumMSXMW3 https://t.co/rABSI5Y81O
— SBF (@SBF_FTX) March 20, 2022
The firm’s headquarters are in Sydney. FTX Australia holds a licence to provide financial services and offers users a full suite of exchange-traded and over-the-counter products, as well as derivatives.
As in other jurisdictions where we operate, substantial resources have been allocated to active engagement with local regulators. We hope to participate in policy discussions at the global level and will strive to maintain the same level of engagement at the local level through FTX Australia,” said founder and CEO of the exchange Sam Bankman-Fried.
He announced the opening of the unit in the country at the Australia Blockchain Week conference. Bankman-Fried noted that other Asia-Pacific jurisdictions had not met expectations as a regional hub.
Senator Andrew Bragg, who spoke at the event, unveiled a package of Digital Services Act (DSA) legislation. The initiative proposes changes to crypto market licensing, custody and taxation DAO.
Building on Australia’s crypto hub ambitions: address to @BlockchainAUS.https://t.co/j79BpbGJKI pic.twitter.com/8bf7Sqjut4
— Senator Andrew Bragg (@ajamesbragg) March 20, 2022
According to Bragg, the DSA should be guided by four core principles:
- technological neutrality;
- broad and flexible approaches, not a prescriptive code;
- regulation by ministers, not by bureaucratic bodies;
- the presence of engagement and the appropriate powers, resources and personnel within government.
The DSA will task authorities with developing a framework of standards for the operation of DAOs, without ‘stifling their core values’. Under current rules, DAOs do not pay taxes as corporations and are an ‘existential threat’ fiscally, the senator said.
In an interview with the Financial Review, Bankman-Fried noted that the exchange already has a small team in Australia. The headcount is planned to roughly double, through the hiring of developers, operators and marketing specialists.
FTX has obtained a licence in Dubai and plans to open a headquarters in the Emirate. In Africa, the exchange has entered into a partnership with the payments company AZA Finance (formerly BitPesa).