Pesabase, a Kenyan-based remittance service in the crypto space, has secured a registration with the Australian regulator, Austrac, for remittance transfers from Australia to Africa.
In a tweet, Pesabase said that it was excited to have successfully registered with the Australian regulator and is looking start rolling out its services.
This follows on the heels of our successful registration with Austrac (Australian regulator) last week, getting approval to offer remittance from Australia. We look forward to serving our founders @MajokNhial community this year.
In an exclusive with BitcoinKE, Pesabase CEO, Nhial Majok, said that the registration process took about one month to go through especially due to the fact that Pesabase had all the needed legal paperwork and representation.
In addition, the company had a clear and well-structured AML / KYC policy in addition to well laid out reporting and executive processes that are required by the regulator before the license is granted.
The license grants Pesabase the right to service any Australian and partner with other players within the space, including banks, to offer its services within and outside Australia.
AUSTRAC is the Australian Government agency and the financial intelligence unit of the country responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.
Austrac regulates more than 14, 000 entities including banks, casinos, digital currency exchanges, and remittance service providers.
Australia is one of the few countries that have recognized and regulate digital currencies, with many large exchanges including Kraken and recently, Binance, running operations in the country.
According to Nhial, the country is pro-innovation and were more than happy and accomodative to faciliate Pesabase in this initiative.
The successful registration will no doubt help to further grow the blockchain and crypto remittance services across the continent and in the process, help in adoption and use of cryptocurrencies on the African continent.