Crypto Adoption: Australia Grants Financial Services License to This Crypto Company

Living Room of Satoshi (LRoS) is the first Bitcoin company in Australia which has been granted an Australian Financial Services License.

LRoS officially broke out this announcement on August 22, claiming itself as the “first bitcoin company in the burgeoning Australian cryptocurrency industry” to get this license. It’s important to note that the Australian financial Service Licenses (AFSL) are issued by the Australian Securities and Investments Commission (ASIC). Every Australian business that is involved in the provision of financial services must obtain an AFSL license.

Living Room of Satoshi Becomes the First AFSL Licensed Bitcoin Company

While Australia is known for its positive attitude towards crypto-blockchain startups, the country has strict regulations in place for crypto-focused businesses to operate legally within the nation. LRoS, by becoming the first bitcoin company to get the AFSL license, has reaffirmed Australia’s crypto-friendly stance.

Launched in May 2014, LRoS is the oldest crypto payment company which has reportedly processed over $100 million worth of Australian bills using Bitcoins. LRoS enables customers to pay cryptocurrency for various utilities including phone bills, electricity bills, credit cards, school fees, taxes and more. Read More at CoinGape...

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