Crypto OKX plans to expand services To Australia
Seychelles-based crypto exchange Crypto OKX plans to expand services to Australia because it cites the country’s strong interest in cryptocurrency adoption as the driving force behind this decision.
It was announced on March 29th Australia is an important growth market for OKX. It provides services to over 100 countries. The exchange also mentioned that it plans to build a solid local office to support its expansion.
Australia’s Huge Appetite
The chief marketing officer of OKX stated the decision to expand to Australia. It is all driven by Australians’ huge appetite for more crypto investment and trading products. He believes that Australians are above the curve in terms of crypto education. It will make OKX’s move into the market all the smoother. Moreover, he also mentioned that the value creation they can do for Australians would ultimately benefit everyone.
Crypto Startups
A current survey by Australian crypto exchange SWYFTX found that about 1 million Australians expected to enter crypto for the first time within the next 12 months. It represents about 4% of the country’s population. He further said that he was impressed with Australia’s crypto startup scene. Therefore, Crypto OKX plans to expand services to Australia.
VASP License
It understood that OKX still needs to register with AUSTRAC. It is licensing regime required to offer cryptocurrency services in Australia. However, OKX is applying for a Virtual Asset Service Provider (VASP) license in Hong Kong.
Vital chunk
The expansion plan into Australia and Hongkong came as OKX recently announced the cessation of its services to Canadians. According to LinkedIn, OKX currently employs over 1750 staff. At the same time, the exchange has yet to disclose the potential location of its Australian office. Thus, it is clear that OKX sees Australia as an indispensable part of its growth strategy.
Conclusion
To conclude the whole discussion, we can say that Australia is no doubt a source of development for OKX. That’s why Crypto OKX plans to expand services to Australia by seeing the interest of Australians. And no doubt, the survey gives a profound detail of value creation for crypto exchanges.