Australia’s financial authority, AUSTRAC (The Australian Transaction Reports and Analysis) is forming pro-regulations for the crypto industry.
Australia Encourages Pro-Regulations
The recent report indicates that the agency has officially registered 246 cryptocurrency exchanges. Accordingly, crypto trading platforms must get registered with AUSTRAC to provide crypto trading services within the country.
This move expects to intensify the industry credibility and meantime combating the fraud revolving around crypto business. The regulators will oversee the background of exchanges to ensure that it should be free from the future risk of money laundering and other crimes unlike. Adrian Przezlozny who is the head of Australia’s crypto exchange, Independent reserve says that
“We always had the feeling that regulation is important to bring cryptocurrency into the mainstream,”
Per the source, AUSTRAC has already investigated 11 crypto exchanges and also rejected registration for 2 exchanges. However, the reason behind rejection is still out of sight as the regulators deny on clarifying anything. Exchange platforms must be fully compliant with AUSTRAC rules until early October – also they’re expected to report suspicious transactions within the same time.
AUSTRAC spokesperson told the sources;
“We will not hesitate to take strong enforcement action where significant or wilful non-compliance is identified,”
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