KuCoin, a virtual currency exchange, announced that it has registered as a Digital Currency Exchange (DCE) with Austrac, Australia’s financial intelligence agency, allowing it to legally provide virtual currency exchange services in the country.
The registration means the trading platform will be able to operate under formal supervision in a market where regulators are increasing scrutiny of offshore platforms. Although registration itself is not a license, it is a legal requirement for companies providing digital currency exchange services in Australia.
The timing of KuCoin’s registration comes as Australia’s financial regulator ramps up its efforts to introduce cryptocurrency activities under existing financial services legislation. The Australian Securities and Investments Commission (ASIC) said last month that many digital assets, including stablecoins and tokenized products, already fall within the ambit of corporate law and may require a license to operate.
To support local promotion, KuCoin is working with Echuca Trading, a financial services company already licensed by ASIC. The partnership aims to bring KuCoin’s crypto futures products into a regulated framework tailored for Australian users.
The exchange also said it has rolled out new fiat onramp support, making it easier for Australian users to deposit local currencies and trade cryptocurrencies. KuCoin added that it plans to seek further registration for additional services as it increases its regulatory presence in the country.
