Australia to Regulate Cryptocurrency Providers

As part of the first stage of reforms by the Australian government to strengthen the Anti-Money Laundering And Counter Terrorism Financing Act (AML/CTF), it was announced this week that all digital currency exchange providers in the country have to register with AUSTRAC, effective immediately.

AUSTRAC chief Nicole Rose says that the move will increase sharing of intelligence and information related to digital currencies such as bitcoin with its industry and government partners.

Under the AML/CTF Act, all regulated entities such as banks and money transfer operators are required to collect information establishing a customer’s identity, monitor transactions, and report suspicious activities, or those which involve amounts over A$10,000.   

Source: Reuters

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