Digital Currency Exchange (DCE) with AUSTRAC

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Australia is now open for crypto business, allowing you to register as a Digital Currency Exchange (DCE) with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Obtaining the DCE license is compulsory to all those offering crypto currencies exchange activities in Australia since April 2018.

Our firm is proud to offer our clients a full set up and licensing package for the DCE license, following a successful case study which has been completed with the first DCE licensee, now fully registered and fully operational. The setup will include incorporation of a local company, drafting, reviewing and submitting the license application package, liaising with AUSTRAC until final determination is made on the application and opening a bank account with a top tier bank. Our firm can also assist with the setup of suitable office space and the sourcing of qualified local representative.

Within the DCE license, you may offer to your clients an on-line cryptocurrency exchange platform (allowing you to buy and sell cryptocurrencies) and to function an OTC trading desk for high value institutional clients. The DCE platform may also serve as an alternative payment solution and as additional means of depositing in cases of an existing online business.

The licensing process is rather straightforward and relatively fast, focusing on the shareholders and key personnel of the applicant, the proposed business model and an in depth AML / CTF risk assessment.

There are no applicable capital requirements to hold this license.  The local physical presence is rather modest, consisting of setting a small local office and hiring a local representative. The ongoing reporting duties are moderate and consist of AML reporting, mainly suspicious transaction and certain type of transactions crossing a pre-defined reporting threshold.

In addition to the potential profits generated out of conversion rates differences, the DCE platform may also serve as an alternative payment solution and as an additional mean of deposit in cases of an existing online business.

Our firm will be happy to assist you in setting up your crypto business in Australia.


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