Went to the AUSTRAC/ASIC/ATO event re Fintech on Monday eve in Melbs.
Austrac obvs focused on DCEs n were open to qus and in good spirits re the future for digital exchanges.
The below info will hopefully provide some insight re BPGs assumed efforts to register n comply with the new legal n cultural changes pre launch.. theyre in a good position to begin business from a clearer place than operating DCEs.
Compliance n marketing angle born from this is my fav prospect, even if delayed.
Now to May 14th: Registration transitional period ends.
Now to 2nd Oct: Policy principles period.
Heres a brief snapshot (added some basic info if ya new to Austrac):
AUSTRAC: Richard Lee
Gist:
"Focused on Digital currency exchanges DCE
We dont regulate for criminal actions. We regulate the industries that may contain 'bad actors"
Austrac doesnt regulate crypto to crypto, thats ATO n ASICs realm
Only care re Fiat to crypto to bank etc
Crypto related work theyve done:
Working group set up
Industry specific guidance
Workshops
Media release re 'misleading statements'
Upcoming work:
Webinar
Field folks reporting back
Key requirements for DCEs to follow:
Enrol n register with Austrac:
"We dont wanna disrupt businesses but by May we need folks to be registered to operate."
Conduct a risk assessment:
"We need businesses to assess their most pertient risks, aka changes if face to face, online, OS trans.
We understand that risks are fluid and requires updating as ya business changes"
Reporting:
"Report on Suspicious matters, threshhold transactions, n AML/CTF reporting done consistently"
"Weve spoken to 30 to 40 coin providers and next year will be collating their responses etc to help us further."
50A of the Austrac act contains a provision re digital currencies.
As for internal efforts from the crypto world, NCX has been active in speaking to Austrac n registering and also brought my attention to the following group.
Check out ADCA for a 'Code of conduct' (have a read n apply to exchanges u know) they are pushing to help folks comply with Austracs DCE regulation coverage.
"Digital currency businesses that are certified by ADCA must prove to independent auditors that they meet the rigorous standards set by the Code. The external auditor confirms that each item in a checklist of code compliance obligations has been satisfied."
This appears a great time to see this crew, exchanges like NCX n Austrac all communicating publicly and with intent on fostering the cryptosphere.
You can bet with Sam Lee's experience with ACX n NCX etc that BPG are across all this and i personally hope will launch their marketing campaign with a 'were the above board exchange youve been waiting for' kimda tagline.
Peace
JT
BPG Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
