Brisbane-based Byte Power Group Ltd (ASX:BPG) has provided an update on the progress of its Cryptocurrency Exchange development.
The exchange is being developed by Byte Power Group subsidiary, Byte Power Pty Ltd (BPPL).
BPPL’s technology services partner, Noetic Synergy, advises that:
- Core exchange functions development is now completed and is being tested;
- User Interface Requirements and interface with banking facilities are being finalised; and
- Regulatory compliance functions and services are being confirmed and are under final negotiation.
BPPL says the Exchange is being developed to initially support 8 cryptocurrencies and 2 fiat currencies.
In accordance with AUSTRAC requirements last updated on 13 March 2018, BPPL will formally begin AUSTRAC registration when relevant forms are made available on 3 April 2018.
AUSTRAC registration is a pre-condition for the exchange to operate in Australia.
Byte Power Group shares have been suspended since December 2017 with the ASX investigating if the company has breached listing rules.
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