Blockbid has officially been registered with the Australian Transaction Reports and Analysis Centre (Austrac). This move makes the blockchain company one among only three companies to have received authorization to operate as a cryptocurrency exchange in a legal way under the new Australian regulations which came into effect last week.
An application has been approved by Blockbid, the cryptocurrency exchange, agreeing to the terms and conditions of the new regulations issued by Austrac starting from 3 April 2018. In comparison with most of the marketplaces, the platform’s biggest unique feature is its ability to provide insurance to clients against any potential cyber-attacks. It additionally plans to offer the capacity to exchange with no less than seven diverse fiat currencies within the next 6-12 months, with four to be presented during the forthcoming beta launch.
The COO of Blockbid, David Sapper gave a statement on this matter, which reads: “Since its inception, Blockbid has constantly sought to put clients security and peace of mind at the forefront of developing a one-for-all platform, permitting our users to trade with assurance. As a registered digital currency exchange in Australia, we are looking forward to opening up our doors globally to all traders and investors who wish to make use of a platform that is authentic and also that offers asset insurance. This is a major progression not only for the Australian cryptocurrency space but also for our company as it means that our vision to enable individuals to trade with confidence has been recognized by the Australian government under AML/CTF guidelines.”
More details regarding their beta launch was also disclosed by Blockcid. It was revealed that initially will start with a limited number of users, who will explore the platform without trading real currency, and this process will go on until users and developers have been satisfied with the delivery. According to reports, the beta launch is set to go live on April 16th, 2018.
Once the system has been upgraded according to the user feedback and further testing, phase one of the beta launch would be revealed to the general public. This will be launched with five cryptocurrencies and four fiat currencies namely bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BCG), litecoin (LTC), ripple (XRP), USD, AUD, JPY, and EUR. Several other tokens to be introduced in phase two of the beta launch.