AUSTRAC begins oversight of cryptocurrency

AUSTRAC has implemented new laws that will see it regulate digital currency exchanges operating in Australia.

The new laws came into effect on Wednesday and will require Australian cryptocurrency service providers to register with AUSTRAC as well as meet the government’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations.

AUSTRAC released a draft consultation paper in January regarding amendments to AML/CTF regulation to extend it to digital currency providers.

In a statement, AUSTRAC chief executive Nicole Rose said the new laws strengthen AUSTRAC’s ability to help cryptocurrency exchanges defend against cyber crime.

“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 said.

“The information that these businesses will collect and report to AUSTRAC will have immediate benefit in the fight against serious crime and terrorism financing.”

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Source: AUSTRAC begins oversight of cryptocurrency – InvestorDaily