Coinstash has acquired an Australian Financial Services Licence (AFSL) to accelerate the launch of the Coinstash Earn product to Australian customers.
The acquisition involves 100% of the share capital in Brindabella Investment Group Pty Ltd (Brindabella), a company which currently holds a wholesale Australian Financial Services Licence (AFSL) and includes a service agreement with the private seller to act as the responsible manager of the proposed financial product – Coinstash Earn.
The upcoming Coinstash Earn service will allow customers to earn a rate of return on their cryptocurrency holdings.
The acquisition of Brindabella and appointment of the responsible manager means Coinstash is one step closer to offering Australian customers a safe and secure way to earn a rate of return on their crypto holdings. The biggest uncertainty that many Australians face is whether they can trust the overseas, or even local, crypto exchanges holding their crypto. By obtaining an AFSL, Coinstash is increasing the standards and building trust for the many Australians who are looking to earn a rate of return with a licensed provider.
Coinstash CEO, Ting Wang
This announcement follows the Australian Securities and Investments Commission’s (ASIC) recent warning to Aussie citizens to be wary when investing in crypto products through unlicenced entities. ASIC has advised Australians to only make crypto investments if the company offering them has an Australian Financial Services Licence (AFSL) or Australian Market Licence (AML).
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