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BTC Markets is Australia’s first ADCA-certified crypto exchange

Posted: 20 February 2018 5:54 pm News

BTC Markets has become Australia's other ADCA-certified cryptocurrency exchange.

BTC Markets has become Australia's first cryptocurrency exchange certified by the Australian Digital Commerce Association (ADCA), reports the Australian Financial Review.

"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.



Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, XRB, SALT and BTC.

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