I would not recommend you to start an exchange. It is too risky! have you ever had an opportunity to work in an exchange or a financial institution? If not then stay away from this Idea of yours.
Just read an article and it quoted - " The Australian financial intelligence regulator, AUSTRAC, now has the power to regulate all of the cryptocurrency exchanges in Australia, which means that all cryptocurrencies will need to sign up on a certain currency register. Although in 2018, new laws have been introduced to regulate cryptocurrency, the legality still remains to be questionable in some ways or another."
Source - https://cryptonews.com.au/guides/is-bitcoin-illegal-in-australia
You have to have a good financial backing before venturing into a crypto exchange business.
Topic: Australian Bitcoin Exchange (Read 1459 times)
If you still looking to start a crypto exchange, my suggestion is to buy a white label one. All is taken care of (licenses, servers, market analysis)
hey, noagendamarket and I are working on a project...
Should contact us at #bitcoin-aus on freenode. We have an unique business plan.
Should contact us at #bitcoin-aus on freenode. We have an unique business plan.
I'm an Australian and just started with bitcoins. I think it's a fascinating idea but a little concerned there aren't any formal exchanges for AUD <-> BTC. I've looked at the new bitcoin.com.au site, which seems to be mostly a blog about bitcoins by a regular bitcoin.org forum contributor, and the bitpiggy.com site which doesn't look automated but might very well be in the future.
So I'm seriously thinking of creating an Australian bitcoin exchange. I've got some experience with web apps, in-house finance apps, etc. so while it will be hard, I can see the technical road ahead. Just want to gather some ideas first from the community before I commit to anything.
1. Would you prefer direct trade or some sort of escrow? Is the trustability of the average Joe Bloggs a big deal for you? Is my trustability a big deal for you?
2. What would be a reasonable % fee for the service?
3. Does anyone know of Australian financial regulation concerning monetary exchanges? e.g. since Bitcoins are not legal money, are they subject to GST?
4. What kind of data does bitcoincharts.com need to display their charts?
5. Are there any standard API's for doing transactions on the usual markets? Might be useful for someone who wants to automate on top of a platform.
Cheers,
Glen Low
Pixelglow Software
So I'm seriously thinking of creating an Australian bitcoin exchange. I've got some experience with web apps, in-house finance apps, etc. so while it will be hard, I can see the technical road ahead. Just want to gather some ideas first from the community before I commit to anything.
1. Would you prefer direct trade or some sort of escrow? Is the trustability of the average Joe Bloggs a big deal for you? Is my trustability a big deal for you?
2. What would be a reasonable % fee for the service?
3. Does anyone know of Australian financial regulation concerning monetary exchanges? e.g. since Bitcoins are not legal money, are they subject to GST?
4. What kind of data does bitcoincharts.com need to display their charts?
5. Are there any standard API's for doing transactions on the usual markets? Might be useful for someone who wants to automate on top of a platform.
Cheers,
Glen Low
Pixelglow Software
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