The Australian government has introduced legislation inwards mid-August 2017 that volition regulate virtual currency exchanges inwards the country.
The mouth forms business office of the innovation past times the authorities to strengthen the country’s Anti-Money Laundering in addition to Counter-Terrorism Financing Act in addition to bolster the ascendence of the Australian Transactions in addition to Reporting Analysis Centre (Austrac).
In its announcement, the coalition authorities said that the mouth volition empower Austrac to regulate cryptocurrency exchanges inwards the country.
Austrac is a fiscal intelligence means which is responsible for implementing the country’s anti-money laundering (AML) in addition to counter-terrorism financing (CTF) regulations:
“The mouth provides a cyberspace regulatory relief to manufacture of $36 mln annually, alongside the digital currency telephone commutation sector existence regulated for the showtime time, piece deregulating low-risk industries such equally cash-in-transit, which is already bailiwick to province in addition to territory licensing requirements.”
Other global efforts to regulate digital currency exchanges
Commonwealth of Australia is but ane of the countries worldwide to regulate cryptocurrencies in addition to forbid money laundering inwards their jurisdictions.
In Japan, the authorities has approved Bitcoin equally a shape of payment across the province inwards Apr 2017.
The authorities has too implemented tough rules on Bitcoin exchanges to comply alongside the country’s AML in addition to Know Your Customer (KYC) requirements.
In China, the People’s Bank of Communist People's Republic of China (PBOC) has conducted probes on the functioning of Bitcoin exchanges inwards the country. These investigations prompted the exchanges to halt Bitcoin withdrawals in addition to upgraded their systems to comply alongside the AML in addition to KYC requirements.
In the EU, governments convey been discussing the imposition of rules in addition to regulations roofing Bitcoin exchanges equally business office of the region’s Fourth Anti-Money Laundering Directive.
Other cryptocurrency developments inwards Australia
Meanwhile, several Australian lawmakers in addition to authorities officials convey expressed their opposition to the adoption of digital currencies.
Among them is leftist opposition leader Bill Shorten, who wants to halt the purpose of digital currencies, including Bitcoin, because they could last exploited past times terrorists.
Two senators, however, proposed that Bitcoin should last adopted equally the country’s official currency to bolster its fiscal competitiveness.
Credit:-Cointelegraph
https://cointelegraph.com/news/australian-government-moves-to-regulate-cryptocurrency-exchanges