In the mid-August 2017, the Australian government has introduced legislation in order to regulate cryptocurrency exchange in the country.
However, the bill creates a portion of Government plan that is to intensify the country’s Anti-Money Laundering and Counter Terrorism Financing Act and also to Reinforce AUSTRAC’s authority (Australian Transactions and Reporting Analysis Centre.
What is AUSTRAC:
It is financial Agency liable for executing the country’s anti-money laundering (AML and Counter-terrorism financing (CTF) regulations.
Regulate Cryptocurrency Exchanges in Australia
The announcement has led coalition government to speak on cryptocurrency! They said further regulation of cryptocurrency exchange in the country can be regulated by AUSTRAC.
“The bill provides a net regulatory relief to an industry of $36 mln annually, with the digital currency exchange sector being regulated for the first time while deregulating low-risk industries such as cash-in-transit, which is already subject to state and territory licensing requirements.”
Though concerning wide-ranging countries, Austalia is now regulating cryptocurrencies and in its hard to prevent country’s money laundering. While Japan government has already using Bitcoin as their payment mode since April 2017. Moreover, China was also in great discussion nowadays for accepting Bitcoin and cryptocurrency as a payment method. The EU governments are been discussion implementing comprehensive rules covering Bitcoin exchanges as part of the regions fourth AML directive.
It is to be noted here, to comply with country’s AML and KYC requirements, Bitcoin exchanges are also liable for tough rules to be implemented.