Australia Will Regulate Bitcoin Exchanges Under AML Laws
The Australian government is looking to update its anti-money laundering laws to include bitcoin and other digital currency exchanges. According to a consultation document published this week by the Australian Attorney-General’s Department, the government wants to begin drafting legislative proposals by the middle of next year. The goal is to begin finalizing that legislation in 2018. To get there, the government is soliciting public comment on the proposal, which comes amid a broader push to revise the country's money laundering laws, between now and the end of 2017. For now, the proposal....
Related News
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....
The Australian senate committee made 12 proposals to modify the current license and regulations over crypto assets, as well as the laws of taxation. The lawmakers believe Australia could take the lead in the digital economy if the laws were amicable. The Senate Committee on Australia as a Technology and Financial Center (ATFC) states that […]
Bitcoin is now up against another challenge in Australia. Things have never been smooth to this digital currency in the land of kangaroos and koalas. Many merchants across Australia have stopped accepting bitcoin payments, dealing a severe blow to bitcoin adoption in the country. The decision of Australian merchants to not accept bitcoin comes soon after major Australian banks unanimously decided to close the accounts of most of the Bitcoin exchanges in the country. Last month 17 bitcoin exchanges operating in Australia received notices intimating them about termination of banking....
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....
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, […]