Moonpay has announced that it has expanded its regulatory footprint by securing registration with AUSTRAC to provide digital currency exchange services in Australia. This move aligns with Moonpay’s commitment to complying with local financial regulations, including the AML/CTF Act, which mandates reporting, KYC procedures, and comprehensive record-keeping.
Key Points:
- Moonpay has successfully registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- This registration allows Moonpay to offer digital currency exchange services within Australia.
- The registration facilitates Moonpay’s ability to establish local payment processing relationships in Australia, offering users payment methods such as Osko and Pay ID.
- Compliance with Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is a central aspect of this registration, ensuring Moonpay meets local reporting, Know Your Customer (KYC), and record-keeping obligations.
Short Narrative:
Moonpay is a US-based crypto company that provides an on-ramp service for cryptocurrency purchases using traditional payment methods such as credit cards, bank transfers, and alternative payments. Founded in 2019, Moonpay has grown rapidly and is currently available in over 160 countries, with key registrations in regions including the U.K., Ireland, Italy, Canada, and 44 U.S. states. Moonpay aims to simplify the crypto purchasing process for mainstream consumers, and its services are designed to integrate with wallets, NFT platforms, and exchanges.
By securing this registration, Moonpay can now offer Australian users localized payment methods like Osko and Pay ID, enhancing the accessibility and convenience of purchasing cryptocurrencies. Moonpay’s CEO, Ivan Soto-Wright, highlighted the company’s excitement about entering the Australian market and reiterated its focus on compliance and user safety.