Australia Introduces Bill Of Regulates Bitcoin Exchanges

Australia to Regulate Bitcoin Exchanges

They was announced a bill on Thursday that would regulate digital currency exchanges. This legislation is part of the country’s first stage of reforms to strengthen the Anti Money Laundering. This has Counter Terrorism Financing Act and increases the powers of the Australian Transactions. This announcement is the country’s financial intelligence agency responsible for anti-money laundering (A M L) and counter-terrorism financing (C T F) regulations.

These bills will strengthen Austrac’s investigation and enforcement powers. They have closed a regulatory gap by bringing digital currency exchange providers under.
These have bill provides a net regulatory relief to industry of $36 million annually, with the digital currency.
Its first time while deregulation of low-risk industries to be cash in transit. The Japanese government is started recognizing bitcoin as a method of payment. It’s also imposed strict rules on bitcoin exchanges in order to comply with A M L.
They are following investigations by the People’s Bank of China (PBOC) many Chinese bitcoin exchanges halted bitcoin withdrawals to extensively upgrade their systems for the purpose of AML and KYC compliance.
These European Union has been discussing how to impose rules on bitcoin exchanges as part of its Fourth Anti-Money Laundering Directive.
These Lawmakers Divided About Bitcoin: -
They has reported in June on Australian left opposition leader Bill Shorten who indicated that he wants to deter the use of the crypto currencies including bitcoin citing their possible use by terrorists.

This country ended the double taxation treatment of bitcoin in July. These senators are proposed for bitcoin to be made an official currency of Australia in order to boost the country’s financial competitiveness.

The Bitcoin trading volume in Australia has also been growing. Its weekly volumes have been rising steadily over the years and recently saw a spike of over $2.5 million AUD worth of bitcoin. Now see are Australia’s bill that will regulate to the bitcoin exchanges?