Australia will impose more regulations on the cryptocurrency industry

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2018-07-28
Australia will impose more regulations on the cryptocurrency industry

In accordance with the proposed amendments to the legislation on combating money laundering and the financing of terrorism, control over the activities of bitcoin-exchanges will be carried out by the Australian Reporting and Analytical Transaction Center (AUSTRAC).

“There is a constant threat of serious financial crime, because new technologies are emerging, and criminals are trying to use them for dishonest purposes,” said Justice Minister of Australia Michael Keenan. “These measures will guarantee that criminals will not be able to hide anything.”

According to the explanatory note to the changes in the legislation, providers of digital assets trading services will have to register in the relevant AUSTRAC register. In addition, crypto-exchanges will oblige to develop programs to counter money laundering and terrorist financing, which will also include measures to identify users of trading platforms.

Among other things, digital assets exchanges will have to inform the Australian department about “suspicious transactions” and transactions worth more than 10 thousand Australian dollars (about $ 7,950 at the current rate). The relevant information will be stored in the database for at least seven years.

The toughening of the AML / KYC requirements and the expansion of the powers of AUSTRAC should contribute to the further growth of the crypto industry and the financial sector as a whole.

In the words of Justice Minister Michael Keenan, this is the first time that the Australian crypto exchange has faced this kind of regulatory requirements.

CRYPTOCURRENCIES
  • bitcoinBitcoin$5,052.34
  • ethereumEthereum$164.43
  • rippleXRP$0.326920
  • tetherTether$1.01
  • eosEOS$5.36
  • stellarStellar$0.114903
  • litecoinLitecoin$79.06
  • cardanoCardano$0.084066
  • tronTRON$0.026497
  • moneroMonero$67.61
  • iotaIOTA$0.317981
  • nemNEM$0.065864
  • dashDash$121.16
  • neoNEO$11.37
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