The government of Australia has decided to introduce a bill to extend money laundering and terror finance laws to cover bitcoin exchanges.
The new legislation will bring digital currency exchange providers under the supervision of Australian Transactions and Reporting Analysis Centre (AUSTRAC).
Go deeper with GlobalData
The bill will also seek to boost the financial regulatory agency’s investigation and enforcement powers.
“The reforms implement the first phase of the recommendations of the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act, following extensive consultation with industry and our national security agencies,” the government said in a statement.
At the same time, the bill will support degulation of low-risk industry sectors and strengthen the search and seizure powers of police and customs officers at the border.
“The Bill provides net regulatory relief to industry of $36 million annually, with the digital currency exchange sector being regulated for the first time, while deregulating low-risk industries such as cash-in-transit, which is already subject to state and territory licensing requirements,” the statement added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
