The Australian Transaction Reports and Analysis Centre (Austrac), the financial intelligence agency of Australia, has till now officially registered 246 crypto exchanges. Analysts believe this to be a major step towards legitimizing cryptocurrency assets by the Australian government and crypto regulators. Reports say the concerned financial intelligence agency of Australia has carried out background checking (which includes other anti-money laundering procedures) of these cryptocurrency exchanges.
Austrac says Crypto Exchange’s Regulation will Curb Terrorist Funding & Money Laundering
In 2018, anti-money laundering, as well as counter-terrorism laws, were amended by the
A published report on January 31, 2019, says that the concerned agency Austrac had also carried out an investigation of eleven crypto trading platforms. Out of which registration of two crypto platforms was declined. Reports say no reasons were shown for declining the registrations. The concerned report also highlighted the statement of an Austrac official:
“We will not hesitate to take strong enforcement action where significant or wilful non-compliance is identified.”
An Increasing Need for Regulating the Crypto Industry
A crypto researcher at the University of Technology Sydney, Phillippa Ryan, has said:
“You need to start at the beginning, with all the regulation you need and no more to support innovation and protect investors. Then you let it run … [and] start legislating as things go wrong and you learn lessons.”
Reports say the cryptocurrency exchanges in Australia have time until October 2019 for fully complying with the new rules of Austrac. The exchanges are required to report all suspicious transactions that they suspect have links to suspicious activities (which includes funding of terrorists and money laundering activities).
An Australian crypto exchange Independent Reserve’s head Adrian Przelozny said:
“We always had the feeling that regulation is important to bring cryptocurrency into the mainstream.”
Photo Credit: https://pixabay.com/