Cryptocurrency exchange FTX has announced the establishment of FTX Australia Pty Ltd in Australia as part of its global expansion.
The company’s headquarters is located in Sydney. FTX Australia is licensed to provide financial services and offers users a full range of exchange and over-the-counter products, as well as derivatives.
He announced the opening of a unit in the country at the Australia Blockchain Week conference. Bankman-Fried noted that other jurisdictions in the Asia-Pacific region have “fallen short of expectations” as a regional hub.
Speaking at the event, Senator Andrew Bragg introduced the Digital Services Act (DSA) package. The initiative proposes changes in the licensing of the crypto market, storage and taxation of the DAO.
According to Bragg, the DSA should be guided by four main principles:
broad and flexible views rather than prescribed by code;
regulation by the minister, and not by bureaucratic bodies;
the existence of interaction and corresponding powers, resources and personnel within the government.
The DSA will instruct the authorities to develop a framework of standards for the operation of the DAO without “stifling their core values”. Under current rules, DAOs do not pay taxes as companies and are an “existential threat” in fiscal terms, the senator said.
Bankman-Fried said in an interview with Financial Review that the exchange already has a small team in Australia. The number of staff is planned to approximately double, due to the hiring of developers, operators and marketing specialists.
Recall that FTX received a license in Dubai and plans to open a headquarters in the emirate. On the African continent, the exchange entered into a partnership with the payment company AZA Finance (formerly BitPesa).