Australian Government Begins Regulation of Cryptocurrency Exchanges

The Australian government is attempting to crack down on issues such as money laundering and terrorism financing through the introduction of a new Bill, which includes the regulation of cryptocurrency exchanges. Last month, the Coalition Government began implementation of the initial stage of reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act, giving more power to Australian Transactions and Reporting Analysis Centre (AUSTRAC).

AUSTRAC is the Australian government financial intelligence agency set up to monitor financial transactions in order to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism. Under the terms of the Bill, AUSTRAC will have regulatory powers over cryptocurrency exchanges, although the reforms are not intended to impact on financial services or hinder the growth and use of cryptocurrency and blockchain that the country has been keen to promote in recent times.

 

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