FTX Announces Australian Expansion

More juicy news from the crypto space is here as crypto adoption booms. It’s been just reported that FTX announced on Monday that it has established a local presence in Australia, marking the latest stage of the crypto exchange’s global expansion push.

The announcement coincided with moves from the Australian government to refine its crypto strategy and introduce “badges of approval” for exchanges.

“The Morrison government wants to make sure that consumers can trust the exchanges that they use to buy crypto.”

This is what the minister for digital economy Jane Hume said in remarks at the Blockchain Australia event on Monday, according to reports by ZD Net.

These remarks front ran a consultation paper published on Monday afternoon in Australia, entitled “Crypto asset secondary service providers: Licensing and custody requirements.”

It’s also important to note the fact that the government called for feedback and comments on the consultation, which closes on May 27.

Monday also saw FTX unveil its latest regional office.

In other recent news, a top executive at Bitcoin custodial firm Fidelity Digital Assets Europe says that the crypto industry is mirroring the commodities boom of the 1990s.

In a new interview with Real Vision founder and macro guru Raoul Pal, Christopher Tyrer says that crypto markets are setting up the same way commodities did decades ago.

“People are asking: is [crypto] a real investable asset class? Does this have a place in a traditional diversified investment portfolio? These are questions that we went through with commodities 20 years ago.”

He continued and explained this:

“And we now know that pretty much every managed portfolio has some allocation to commodities as a diversifier… The setup that we had back then and the setup that we have right now, the parallels are just really striking.”