Australia Moves to Regulate Bitcoin
Digital currencies such as bitcoin are attractive for terrorism financing, according to Australia’s financial intelligence agency, AUSTRAC, which is calling for them to regulate it under its anti-money laundering and counter-terrorism financing laws. A report published by AUSTRAC, Terrorism financing in Australia 2014, stated that terrorism financing was turning its attention to electronic and online payment methods, which is likely to rise over time. The report said: Terrorist groups engaged in radicalisation, recruitment and communication online (such as through social media) are a....
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The government of Australia is preparing to comprehensively regulate the activities of cryptocurrency exchanges and custodians. The push is part of a major overhaul, aimed at preserving the country’s sovereignty over its payments system, which will also affect providers like Apple and Google. Payment Laws in Australia to Cover Crypto Business and Big Tech Authorities in Australia are gearing up to update the nation’s legislation governing payments in the largest reform of the industry in over two decades. The changes will expand the regulatory framework to encompass new....
Abkhazia, the self-governing but disputed territory of just 245,000 people sandwiched between Russia and Georgia, has lifted its two-year ban on cryptocurrency mining. The ban came into effect in December 2018 after a surge in mining activity left the region facing an energy crisis. Now, the government is moving to regulate the industry in an effort to flush out illegal miners as well as to control the amount of electricity utilized in the extraction of bitcoin. According to Abkhazia’s official cabinet website, the new plan will include regulation by the Ministry of Economy and a....
Australia intends to do a virtual stocktake of cryptocurrency assets held by its citizens, the new executive power in Canberra announced this week. The move is viewed as an indication that the center-left government plans to regulate the country’s crypto space.
Treasury Embarks on ‘Token Mapping’ to Underpin Crypto Regulation in Australia
As part of efforts to adopt rules for the cryptocurrency sector, Australia’s Treasurer Jim Chalmers unveiled on Monday that his department is preparing to conduct “token mapping,” Reuters reported....
Australia’s government plans to regulate cryptocurrencies as part of a broader revamp of the country’s payment system. Jane Hume, Australia’s Minister for the Digital Economy, disclosed that the government will “enable Australians to invest safely and securely in crypto assets” by introducing a market license framework for cryptocurrency exchanges. Cryptocurrency taxation, investor protection from fraudsters, […]
United States Attorney General (AG) William Barr says the recent publishing of the Cryptocurrency Enforcement Framework will help law enforcement to fight elements using digital currencies for illicit ends. Produced by the AG’s Cyber-Digital Task Force, the framework provides law enforcement with what Barr terms a “comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency.” The publishing of the framework comes as U.S. regulators have been ratcheting up pressure with Bitmex executives and....