Eligibility for Derivatives Trading on Kraken in Australia
Kraken has launched a market-leading derivatives product suite that is only available to Australian wholesale clients. Eligible clients in Australia, who wish to gain exposure to crypto-based Futures, will need to do the following:
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Ensure you have a verified Kraken account.
- 2
Meet one of the criteria set out in the Wholesale Qualification Criteria section below.
Wholesale Qualification Criteria
Clients in Australia who wish to gain exposure to crypto-based futures will need to go through our wholesale qualification process before they can access our product. You can apply to classify as a wholesale client via one of the three tests detailed below:
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Individual Wealth Test.
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Professional Investor Test.
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Large Business Test.
Available to both Business and Personal clients.
If you are a Personal client, you must meet at least one of the following criteria:
- 1
Your net assets are at least 2.5 million AUD.
- 2
Your gross annual income for each of the last 2 financial years was at least 250,000 AUD.
If you are a Business client and your business does not qualify under the Large Business Test set out below, then you must qualify as a "Controlled Entity". As a Controlled Entity we need to assess all "Controlling Individuals" associated with the business. As a Controlled Entity, at least one of the following criteria must be met:
- 1
The net assets of the Controlling Individual(s) are at least 2.5 million AUD.
- 2
The gross annual income of the Controlling Individual(s) for each of the last 2 financial years was at least 250,000 AUD.
For details on "Controlled Entities", "Controlling Individuals" and how to define "Control" click here.
Supporting Documents Required:
An Accountant’s certificate given within the preceding two years, signed by a qualified accountant. A sample certificate can be found here.
As a Professional Investor Test, you must meet at least one of the following criteria:
- 1
You hold an Australian financial services licence.
- 2
Listed entities and any related body corporate of a listed entity.
- 3
A body regulated by APRA, other than a trustee of any of the following (within the meaning of the Superannuation Industry (Supervision) Act 1993): a superannuation fund, an approved deposit fund, a pooled superannuation trust, or a public sector superannuation scheme.
- 4
A person or body that is a registered entity within the meaning of the Financial Sector (Collection of Data) Act 2001.
- 5
The trustee of any of the following (within the meaning of the Superannuation Industry (Supervision) Act 1993 and the fund, trust or scheme has net assets of at least 10 million AUD): a superannuation fund (excluding SMSF), an approved deposit fund, a pooled superannuation trust, or a public sector superannuation scheme.
- 6
A person or entity that has or “controls” gross assets of at least 10 million AUD, including any amount held by an associate or under a trust that the person manages.
- 7
A body corporate that carries on a business of investment in financial products, interests in land or other investments; and for those purposes, invests funds received (directly or indirectly) following an offer or invitation to the public, the terms of which provided for the funds subscribed to be invested for those purposes.
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A foreign entity that, if established or incorporated in Australia, would be covered by one of the above categories.
For tests relating to entities or corporate bodies, the above categories do not extend to directors, officers, senior managers, or authorised representatives of the body and refers to the actual entity or body only.
Supporting Documents Required:
Please provide a copy of a professional investor certificate with evidence of at least one of the listed criteria selected.
Example Certificate here
If applying as a Related Body Corporate of a listed entity, please provide a chart that outlines the organizational structure, signed by a director with their director’s identification number.
You must provide evidence that the business enterprise is not a small business. To meet this criterion:
- 1
The business must be employing 100 or more people if the business is or includes the manufacture of goods; or otherwise, 20 or more people.
- 2
Or you must be a related body corporate of a company that passes one of the categories above.
Supporting Documents Required:
Please provide a copy of a large business test certificate issued by a qualified accountant.
Example Certificate here
If applying as a Related Body Corporate, the Body Corporate that qualifies under the Large Business Test must provide the Large Business Test certificate and you must provide a chart that outlines the organizational structure, signed by a director with their director’s identification number.
When accessing Kraken Pro, you will see a prompt to confirm your client status. To confirm your status, and qualify as a wholesale client, you will be asked to submit the relevant documentation, as outlined in the categories above.
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Sign in to your Kraken account via pro.kraken.com.
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On the left menu click the Verify your status button.
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In the Kraken Derivatives Status pop-up select one of the four categories.
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You will then be prompted to upload the required documentation.
