Recently, AUSTRAC released new regulations for crypto exchanges that make it easy for them to operate their businesses by getting registered and following the AML/CTF Rules. Australia’s clear stance came as a positive step amongst the onslaught of unfavorable crypto regulations worldwide. Apropos & clear: Register & follow AML/CTF Rules
A few days back, the Australian financial intelligence agency, Australian Transaction Reports and Analysis Centre (AUSTRAC) laid down the rules for the cryptocurrency exchanges in the country.
AUSTRAC’s clear set of rules involves registration of the crypto exchanges and further following the AML/CTF rules that require having an AML/CTF program in place, identifying & verifying the customers and reporting those cases to AUSTRAC that are suspicious or involves physical currency of 10,000 AUD.
The regulator has already licensed three cryptocurrency exchanges since the new regulations came into effect on April 3. In a press release on April 11, 2018, the authorities further talked about providing a transition period i.e. until May 14, 2018, to digital currency exchange (DCE) providers to get registered.
Do you think, we’ll soon be seeing an influx of crypto exchanges in Australia?
