Certification achieved for Banxa under the Australian Digital Currency Industry Code of Conduct
Blockchain Australia is very pleased to announce that Banxa has achieved certification under the Australian Digital Currency Industry Code of Conduct.
The Australian Digital Currency Industry Code of Conduct establishes best-practice standards for digital currency businesses in Australia. Businesses that are certified under the Code of Conduct offer peace of mind to consumers as they have passed an independent external audit process and successfully demonstrated compliance with these standards.
It is a voluntary scheme that establishes externally auditable best practice standards for businesses operating in the Australian Digital Currency industry.
The Code of Conduct is administered by Blockchain Australia and is available for adoption by businesses operating in Australia that provide or facilitate the:
- purchase or sale of a Digital Currency;
- purchase or sale of a fiat currency in connection with a Digital Currency; or
- storage of a Digital Currency.
The Code of Conduct establishes Best Practice Standards covering:
- reputation and general business conduct;
- consumer protection; and,
- AML/CTF obligations.
Blockchain Australia Certification means that the participating Digital Currency Business has been assessed to have business processes, systems and policies in place that will ensure consistent compliance with the Code of Conduct, including the Best Practice Standards. Compliance with the Code of Conduct is independently reviewed every two years by a Blockchain Australia approved external auditor and self-certified every other year.
We commend Banxa for undertaking this process. Certification under the Code of Conduct is a valuable confirmation that Banxa have adhered to best-practice standards through a rigorous external auditing process.