Recently, AUSTRAC released new regulations for crypto exchanges that make it easy for them to operate their businesses by getting registered and following the AML/CTF Rules. Australia’s clear stance came as a positive step amongst the onslaught of unfavorable crypto regulations worldwide.
Apropos & clear: Register & follow AML/CTF Rules
A few days back, the Australian financial intelligence agency, Australian Transaction Reports and Analysis Centre (AUSTRAC) laid down the rules for the cryptocurrency exchanges in the country.
AUSTRAC’s clear set of rules involves registration of the crypto exchanges and further following the AML/CTF rules that require having an AML/CTF program in place, identifying & verifying the customers and reporting those cases to AUSTRAC that are suspicious or involves physical currency of 10,000 AUD.
The regulator has already licensed three cryptocurrency exchanges since the new regulations came into effect on April 3. In a press release on April 11, 2018, the authorities further talked about providing a transition period i.e. until May 14, 2018, to digital currency exchange (DCE) providers to get registered.
The CEO of AUSTRAC, Nicole Rose says these new rules are welcomed by the crypto exchange operators and further commented:
“It’s recognised that this reform will help protect their business operations from money laundering and terrorism financing, while regulation will also help strengthen public and consumer confidence in the sector.”
She further stated:
“AUSTRAC now has increased opportunities to facilitate the sharing of financial intelligence and information relating to the use of digital currencies, such as bitcoin and other cryptocurrencies, with its industry and government partners.”
AUSTRAC has also provided a simple enrollment and registration form that clarifies the entire process right there.
Australia all set to become a haven for crypto exchanges
The regulatory scenario surrounding cryptocurrencies have been somewhat unclear, strict or outright negative all over the globe. Recently, with Japan’s tough rules, many small exchange operators are looking for a way out of the market while India’s central bank RBI ordered all the regulated entities to stop providing services to individuals and business that deal with cryptocurrencies.
By taking a clear and firm stance on the cryptocurrencies, the Australian authorities have provided the crypto investors and enthusiasts a set field to play. The cryptocurrency industry has always appreciated such move that further helps in reinforcing the trust of investors and operators in the cryptocurrency market.
With these new regulations, Australia has made it easy for crypto exchanges to register themselves, get a license and then start the operations. This certainly makes the country an attractive location for the crypto businesses. It won’t be long before crypto exchanges from around the world will flock to Australia to set up their businesses.
Do you think, we’ll soon be seeing an influx of crypto exchanges in Australia?
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.