BTC Markets is Australia’s first ADCA-certified crypto exchange
BTC Markets has become Australia's other ADCA-certified cryptocurrency exchange.
"Digital currency businesses that are certified by ADCA must prove to independent auditors that they meet the rigorous standards set by the Code. An external auditor confirms that each item in a checklist of code compliance obligations has been satisfied," explains a BTC Markets blog post.
ADCA is a voluntary scheme, designed to help consumers pick out the digital-currency-related services that commit to a high standard and voluntarily subscribe to independent audits. Its stated objectives include promoting fintech in general by building public knowledge, generating awareness and maintaining relationships with fintech institutions, governments and businesses. It also aims to be available to provide advice and guidance to the Australian government on the creation of new laws and legislation that will affect the cryptocurrency and fintech space.
While ADCA participation is voluntary, full certification requires passing an external audit. BTC Markets is the first Australian exchange to achieve this.
ADCA certification is not to be confused with the AUSTRAC-enforced KYC and AML laws that were signed off last December and set for enforcement from April of this year. But similar to ADCA, many reputable exchanges have willingly worked hard to meet these standards ahead of time.
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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT and BTC.