Australia – Top Regulators Building Pro-Regulation Crypto Industry, Registering 246 Bitcoin Exchange

Australia

Australia – Top Regulators Building Pro-Regulation Crypto Industry, Registering 246 Bitcoin Exchange

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,”

Do you think the initiation brings crypto friendly environment? share your opinion with us.

Summary
Australia - Top Regulators Building Pro-Regulation Crypto Industry, Registering 246 Bitcoin Exchange
Article Name
Australia - Top Regulators Building Pro-Regulation Crypto Industry, Registering 246 Bitcoin Exchange
Description
Australia’s financial authority, AUSTRAC (The Australian Transaction Reports and Analysis) is forming pro-regulations for the crypto industry.
Author
Publisher Name
Coingape
Publisher Logo

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum (at) coingape.com

Follow Tabassum @
Show Comments

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum (at) coingape.com

Follow Tabassum @