Australian AML Act Revisions Mention Bitcoin Exchanges And Wallets

Australian AML Act Revisions Mention Bitcoin Exchanges And Wallets

While it is certainly true cryptocurrencies pose both advantages and risks, the Australian government wants to revise the AML act to ensure this ecosystem can prosper under the new guidelines. Several days ago, there was an announcement regarding impending changes to the AML Act in Australia, which would create a better ecosystem for cryptocurrency innovation. Several recommendations have been made by the Australian AG, which gives a strong indication as to where this regulation is headed. Revising the Australian AML Act for Cryptocurrency. Some people may argue how Bitcoin wallet services....


Related News

FinCEN Self Hosted Wallet Proposal Draws Fire From Crypto Exchanges

The CEO and Co-founder of Coinbase, Brian Armstrong, was the first to mention rumors of a clampdown on self-hosted crypto wallets. For those who don't know – self-hosted crypto wallets (also known as non-custodial wallets or self-custody wallets) are a type of software that lets individuals store and use their own cryptocurrency, instead of needing […]

New rules could permit Korean gov’t to seize tax evaders’ crypto

South Korea examines ways to expand its tax base, with proposals to strengthen the government’s ability to seize tax evaders’ crypto assets directly from their personal wallets. South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets.As per a report published on July 26, the proposal forms part of a wider, annual review of the country’s tax system. This year, faced with rising welfare costs to help sustain an increasingly elderly population, legislators are looking to amend a....

Australian Banks to Close Bitcoin Companies' Accounts

Australian banks have advised Australian bitcoin companies they are closing their accounts, according to The Australian Financial Review. The publication has seen the letters from Westpac Banking Corporation and Commonwealth Bank of Australia. Ron Tucker, chairman of The Australian Digital Currency Commerce Association, said all large Australian banks were shutting the door on bitcoin companies. The banks sent letters to Australian bitcoin exchanges, including Bit Trade and Buyabitcoin. The letters said the banks will close the exchanges' accounts and did not give any explanation. At least....

VanEck Goes Back To The Drawing Board: Unveils Revised Spot Bitcoin ETF Filing

In a recent development, asset manager VanEck joins the list of applicants who have made revisions to their Spot Bitcoin ETF prospectus. Many continue to speculate that these revisions could mean that approval of these funds by the US Securities and Exchange Commission (SEC) is imminent as it forms part of the process before an […]

Why EBA Proposals Would Set an Absurd Precedent for Bitcoin Startups

The European Banking Authority (EBA) wrote an opinion on the application of its 4th Anti-Money Laundering Directive (4AMLD) to virtual currency exchanges and wallets last week. A response to recommendations from the European Commission, the EBA's remarks notably mention that VC exchanges and wallets operating in multiple countries in the EU "may […] be required to be registered or licensed in each Member State in which they intend to provide VC-related services". The seemingly small aside in the nine-page response is notable, as such a measure would be akin to the state-by-state....