The rise in popularity and demand for cryptocurrency trading has resulted in a number of cryptocurrency exchange operators expanding into different countries, including Australia, to create a global brand.
In Australia, new laws and regulations were introduced in April this year to govern cryptocurrency exchange operators and establish a licensing regime for those businesses.
As well as that, certain overseas operators have been partnering with Australian companies and consultants to gain knowledge of the local cryptocurrency market, utilise their existing customer base and share the potential risks and rewards.
Maddocks has recently advised global cryptocurrency exchange operator, Huobi, on the corporate and regulatory aspects of its entry into the Australian market.
The Maddocks team in Melbourne, led by Ron Smooker, Michael Zheng and Sean Field, advised Huobi on its joint venture arrangements with Blockchain Global and assisted in setting up its Australian cryptocurrency exchange business.
The team, which includes Karli Evans, Russell Wilson, Chris Charalambous, Steven Tang, Alex Musgrove and David Andrews, is continuing to advise Huobi on corporate governance, treasury and employment matters for its Australian operations.
Huobi is the third largest cryptocurrency exchange in the world by trading volume and launched their Australian cryptocurrency exchange, Huobi Australia, on 5 July 2018.