Coinbase has obtained an Australian Financial Services Licence (AFSL), The Block reported on April 8 local time.
The approval allows Coinbase's Australian unit to offer retail derivatives trading services. It plans to first launch perpetual futures products tied to cryptocurrencies and stocks, and later add futures and options.
"We will compete with traditional financial services such as stock trading and payments with crypto speed and execution," the company said.
The AFSL applies to Coinbase's Australian unit the same conduct standards, disclosure, governance and consumer protection requirements as existing financial institutions. The approval comes ahead of the implementation of the 2025 Corporate Law Amendment (Digital Asset Framework) bill, which makes licences mandatory for all cryptocurrency exchanges.
Coinbase's Australian unit, established in 2022, is a member of the Digital Economy Council of Australia and is participating in drafting local digital asset regulation.
Coinbase has also recently received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr