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The Australian Government has announced a bill that would regulate digital currency exchanges including bitcoin exchanges for the very first time.
Australia to Regulate Bitcoin Exchanges
Australia’s Coalition Government announced a bill on Thursday that would regulate digital currency exchanges.
This legislation is part of the country’s very first stage of reforms to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act and increase the powers of the Australian Transactions and Reporting Analysis Centre (Austrac), according to the announcement. Austrac is the country’s financial intelligence agency responsible for anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Among other proposals, the bill will strengthen Austrac’s investigation and enforcement powers spil well spil close a regulatory gap by bringing digital currency exchange providers under the remit of Austrac, the announcement reads, adding that:
The bill provides a netwerk regulatory ease to industry of $36 million annually, with the digital currency exchange sector being regulated for the very first time, while deregulating low-risk industries such spil cash-in-transit, which is already subject to state and territory licensing requirements.
Australia’s stir is ter line with some other countries ter their efforts to prevent money laundering. Te April, spil the Japanese government began recognizing bitcoin spil a method of payment, it also imposed rigorous rules on bitcoin exchanges ter order to serve with AML and Know Your Customer (KYC) requirements.
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Earlier this year, following investigations by the People’s Canap of China (PBOC), many Chinese bitcoin exchanges halted bitcoin withdrawals to extensively upgrade their systems for the purpose of AML and KYC compliance. Also the European Union has bot discussing how to impose rules on bitcoin exchanges spil part of its Fourth Anti-Money Laundering Directive.
Lawmakers Divided About Bitcoin
Within the Australian government, there are officials who are keen on bitcoin and also those who are more skeptical. News.Bitcoin.com reported te June on Australian left opposition leader Bill Shorten who indicated that he wants to deter the use of cryptocurrencies including bitcoin, citing their possible use by terrorists.
Meantime, the country ended the dual taxation treatment of bitcoin te July. Recently, two senators proposed for bitcoin to be made an official currency of Australia ter order to boost the country’s financial competitiveness.
Bitcoin trading volume te Australia has also bot growing. On Localbitcoins, weekly volumes have bot rising steadily overheen the years, and recently witnessed a spike of overheen $Two.Five million AUD worth of bitcoin.
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What do you think of Australia’s bill that will regulate bitcoin exchanges? Let us know ter the comments section below.
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Pics courtesy of Shutterstock, Coin.dance, and Austrac
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