Australian Cryptocurrency Exchanges are Under Regulation

Australian financial intelligence agency is trying to impose regulations on the domestic cryptocurrencies in all forms.

In an announcement today, the Australian Transactions and Reporting Analysis Centre (AUSTRAC) has told domestic DCE (digital currency exchange) businesses. They spoke of their immediate requirements to meet anti-money laundering and counter-terrorism financing, kickstarting from the 3rd of April.

The agency has reminded cryptocurrency exchanges of following their amalgams.

  • Adopting and following an AML/CTF program. And, especially, managing money laundering and terrorism financing risks.
  • identifying and verification of the identities of all the customers and their authority.
  • reporting to AUSTRAC over any kind of suspicious matters. It also included the transactions involving physical currency of $10,000 or more than it.
  • keeping certain records for seven years.

This is where the chief executive of AUSTRAC will have the power to put up any allegation or imposing. In case, if the cryptocurrency fails

Existing crypto exchange operators should enroll on the ‘Digital Currency Exchange Register by AUSTRAC, by May 14, 2018. AUSTRAC is establishing ‘transitional registration arrangements’.

Criminal offense and penality will be given if you provide digital currency exchange services without being registered.

Australia’s justice minister Michael Keenan also announced the government’s motive in regulating domestic cryptocurrency exchanges.

 

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