Blockchain-enabled financial services platform Coins.ph has recently announced its expansion into the Australia market, slated for 2024. This announcement follows the company’s Australian division successfully securing a Digital Currency Exchange registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC), a prerequisite for providing cryptocurrency exchange services in Australia.

This strategic move marks a significant step in Coins.ph‘s commitment to extending its international footprint and enhancing the availability of regulated and compliant digital asset services. Wei Zhou, CEO of Coins.ph, commented,

“Coins.ph is primed for global expansion. Our journey began nearly a decade ago in the Philippines, and since then, we’ve onboarded 18 million customers and expanded our services in both the digital asset exchange business and in e-wallet services.”

He further added,

“Our team has top-tier talents with global experience in this industry. We’re thrilled to bring these capabilities to new markets.”

The decision to expand into Australia is a noteworthy milestone in Coins.ph global expansion strategy, as Australia represents a key growth market for the company. The interest in cryptocurrencies in Australia is substantial, with a 2021 report by Independent Reserve indicating that 28.8% of Australians had owned or have owned cryptocurrency, a significant increase from 18.4% in the previous year.

Featured image credit: Coins.ph