Australia Introduces Regulations for Cryptocurrency Exchanges

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by | 5th April 2018 | 0 comments

Many different nations have been jumping on the regulation bandwagon regarding cryptocurrency exchanges.The latest news is that Australia introduces regulations and joins that group. As of the third of April, the island nation of Australia, has introduced and enacted new guidelines regarding the operation of said digital coin exchanges.

The new guidelines state that any Australian cryptocurrency exchange will be required to register and comply with anti-money laundering/counter-terrorism financing (AML/CTF) laws and requirements.

Australia’s new regulative body that deals with digital coins and trading has just been adopted as law. This new law will mandate that digital tokens, like Bitcoin, Litecoin, Ethereum and cryptocurrency businesses must comply with the Australia’s AML/CTF rules.

These exchanges, effective immediately, must now register with the Australian Transaction Reports and Analysis Center (AUSTRAC). AUSTRAC has just published a form that details the primary obligations of cryptocurrency exchanges under these newly enacted guidelines.

Australia introduces regulations to Enforce Illicit against Money Laundering and Illicit Activity

The guidelines also say that “A ‘policy principles’ period of six months will be in place from 3 April 2018” – during which “the AUSTRAC CEO can only take enforcement action if a DCE business fails to take ‘reasonable steps’ to comply.”

Traders of cryptocurrencies should not worry or jump to extremes. New state regulations, from various countries and their regulatory bodies are aimed to protect traders and help ensure that various cryptocurrency exchanges are operating at a level that helps protects themselves and their clients’ monies and investments. We are seeing the cryptocurrency universe evolve into a serious investment asset globally.

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