Bit Trade joins the Australian certification party
AUSTRAC regulation is starting to gain momentum with Bit Trade joining in.
On the back of AUSTRAC’s new regulations, which require digital currency exchange providers to register online, there have been several exchanges jump straight to registration, ensuring they can keep operating without the threat of “enforcement action”.
The most recent exchange to join the AUSTRAC party is Bit Trade, which claims to be Australia’s longest running cryptocurrency trading platform.
Jonathon Miller, Bit Trade CEO and Managing Director, said, “As one of the first cryptocurrency exchanges in Australia to introduce ‘Know Your Customer’ protocols, we welcome this increased regulation of the cryptocurrency market. It is a significant step forward for our industry and provides a robust framework for operation for all players.
The new rules, which have been broadly accepted by exchange operators, and require that exchanges adopt and maintain a working anti-money-laundering and counter-terrorism funding (AML/CTF) program as well as be able to identify and verify the activities of their customers.
In effect, the new rules mean exchanges can allow anonymous trades to occur. However, there are still mechanisms available to traders to conduct over-the-counter, or OTC deals that are subject to less scrutiny.
Bit Trade expects the new AUSTRAC regulations result in the Australian cryptocurrency market attracting more investors from around the globe as well as foster stronger partnerships between traditional financial institutions and the crypto industry.
To read more, please click on the link below…