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Austria Aims to Work on New Cryptocurrency Regulations

Austria is pushing EU to have regulations on cryptocurrencies. The new rules require trade disclosure and identification 

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Cryptocurrency traders in Australia will now need to disclose any trade of €10,000 ($12,300) and above to government’s financial intelligence unit. Additionally, market participants will need to add identification procedures.

This is according to new requirements from the government. It targets at using the new measures to fight terrorism financing and money laundering according to Finance Minister Hartwig Loeger.

Companies dealing with large amounts of cash, gold or jewelry are already required to disclose their trades.

Those were organizing ICOs will need to submit “digital prospectuses” to the Financial Market Authority (FMA) for approval. Again, they will operate under rules that criminalize regulate market manipulation, insider trading, and front-running. Therefore, FMA will also supervise crypto trading platforms according to the report.

The government will draw on gold and derivatives trading rules to draft crypto regulations.

European Union to consider regulation

The finance minister also called on the European Commission to implement regulation of cryptocurrencies. Additionally, top central bank and market supervision figures and other market players will meet next week to discuss the issue. This is according to report by European Commission on Thursday. European Union’s financial-services chief has already called on “heightened attention” on Bitcoin.

Recently, investors lost $115 million to a scam called Optioment based in Australia, and the government is following up on the matter.

Additionally, the country is joining a host of others that are planning to regulate cryptocurrencies.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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