Tanya Abrosimova
Independent Analyst
- Australia wants cryptocurrency providers to register with AUSTRAC.
- Regulator gets serious about anti-money laundering regulation.
Australian regulator wants to take cryptocurrency services providers under control to prevent money-laundering activities and minimize risks of terrorism financing and cybercrime.
As of today, all crypto service providers located in Australia shall register with AUSTRAC, Australia’s financial intelligence agency and anti-money laundering and counter-terrorism financing (AML/CTF) regulator, and bring their business in compliance with Government’s AML/CTF rules, according to the information, published on the regulator's website.
The requirements take effect immediately, though the companies will have time to register until 14 May 2018 and implement AUSTRAC anti-money laundering rules.
“It’s recognized that this reform will help protect their business operations from money laundering and terrorism financing, while regulation will also help strengthen public and consumer confidence in the sector,” AUSTRAC CEO Nicole Rose said in the statement.
“AUSTRAC now has increased opportunities to facilitate the sharing of financial intelligence and information relating to the use of digital currencies, such as bitcoin and other cryptocurrencies, with its industry and government partners,” Ms. Rose added.
The new rules are part of broader reforms aimed at strengthening the countries anti-money laundering standards. It was initiated after global watchdog Financial Action Task Force (FATF) revealed significant drawbacks in country's regulation.
South Korea is also implementing strict AML rules towards cryptocurrency providers. The Financial Services Commission (FSC) initiated inspection of three banks to make sure that they comply with new rules for cryptocurrency exchange accounts.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?