Wello Expands to Australia

Wello has received its Digital Currency Exchange (DCE) registration from the Australian Transaction Reports & Analysis Centre (AUSTRAC). This registration reinforces Wello's position as a compliant and user-friendly crypto platform.

An Important Step to Increase Crypto Adoption in Australia

Through this registration as a Digital Currency Exchange (DCE) under AUSTRAC, Wello will be able to establish a compliant DCE that adheres to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations in Australia. This registration aligns with Wello's goal to create a safe and seamless fiat-to-crypto payment product.

Wello’s Global Expansion Strategy: A Focus on Compliance

Wello's DCE registration aligns with its strategic goal to continue acquiring licenses globally. Leveraging its strong compliance framework, Wello has also received a Virtual Asset Service Provider (VASP) license in Poland and is in the process of making this MiCA compliant in Europe. Wello is dedicated to creating a compliant crypto environment and making crypto payments easy, affordable, and accessible for users globally.

Building Trust in Australia

The AUSTRAC approval for this Digital Currency Exchange (DCE) has strengthened Wello's market position in these ways:

1. Regulatory Adherence: This approval has reinforced Wello's dedication to meeting Australia's strict regulatory framework and ensuring compliance with Australia's AML & CTF regulations.
2. Expanded Market Access: Meeting the regulatory standards and obtaining this DCE will allow Wello to offer its services to a larger audience across Australia.
3. Competitive Edge: The DCE registration will provide a clear distinction for Australian users against other unregulated competitors, positioning Wello as a leading crypto company in Australia.
4. Operational Strength: This registration has also reinforced that Wello adheres to its operational, legal, and risk frameworks, allowing it to offer uninterrupted service to its users.

"Receiving the Digital Currency Exchange Approval from AUSTRAC is a significant achievement for Wello," said Athena Yu, Co-Founder of Wello. "Our goal is to build a compliant framework bridging the traditional financial system with the crypto space. Australia is an important market for us, and we look forward to working closely with Australian regulators to support the growing digital asset ecosystem."

Pioneering Crypto's Future in Australia

After receiving the Digital Currency Exchange registration in Australia, Wello will soon partner with local Australian payment channels such as PayID to expand its local presence and increase crypto adoption within the region.

Australia continues to have one of the highest cryptocurrency adoption rates in the world, with more than 30% of all Australians owning or having previously owned crypto. Over 90% of Australians are also aware of at least one cryptocurrency.

Wello will continue to work closely with regulators and industry leaders to allow Australians access to safe, accessible, and affordable crypto products.

About Wello

Wello is a cutting-edge global money transfer and wealth management platform that seamlessly bridges Web2 and Web3 through its proprietary fiat rails. Powered by stablecoins and blockchain technology, Wello enables secure, instant, and transparent transactions across 120+ currencies in over 150 countries. Users can leverage a variety of payment methods, including Apple Pay, Google Pay, SEPA, PIX, PayID, and more. Wello makes global remittances faster, safer, and more accessible for everyone.