Kick In Today for Australia's Bitcoin Exchanges New AML Rules

Now must follow new rules aimed to counter money laundering and terrorism financing (AML/CTF) for Australia's cryptocurrency exchanges.

To exchange platforms in the crypto space, Austrac, Providing a timely reminder. Australian country's financial intelligence agency, has just published a new web page setting out their new obligations as of 3rd april.

While offering exchange services without being registered can now bring criminal charges and penalties, Austrac says in the post:

#mediaservice "From 3 April 2018 'policy principles' period of six months will be in place. During that period, the AUSTRAC CEO can only take enforcement action if cryptocurrency exchange fails to take 'reasonable steps' to comply."

#mediaservice While exchanges' registration applications are being considered, a transitional arrangement will allow existing firms to continue providing services,

Australian Aimed to counter illicit uses of crypto currencies, the new regulations were first set in law when the Australian Senate approved the Anti-Money Laundering #mediaservice Bill 2017 in early December 2017. The bill also gave Austrac oversight of cryptocurrency exchanges.

cryptocurrency exchanges bill the passing of July 1, 2018, bitcoin and other cryptocurrencies will get the same GST treatment as foreign currencies. #mediaservice