Australia Sets Registration Time Limit For Crypto Exchanges : AUSTRAC

australia cryptocurrency

On Wednesday, AUSTRAC (the Australian Transaction Reports and Analysis Centre), reminded domestic cryptocurrency exchange operators that they are obligated to comply with the authority following the new regulations that kicked in the 3rd day of April. The regulatory law, the first for the country’s cryptocurrency sector, was fast-tracked after the Senate passed legislation in late 2017.

“Effective immediately, digital currency exchanges with business operations situated in Australia must follow the new directive by registering with AUSTRAC and meeting the Government’s CTF/AML compliance and reporting obligations,” according to the authority in an announcement yesterday.

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The recently implemented regulations from the Australian Financial Intelligence Agency has given a directive that all domestic cryptocurrency exchange corporations register with the appropriate authority before mid-May.

Notably, it added:

There’s a transition period until May 14, 2018, to let the current digital currency exchange businesses time to complete their registration. According to AUSTRAC, the new regulations will ginger the agency’s intelligence and compliance abilities to help crypto-exchange operators introduce systems that will minimize terrorism financing risks and money laundering.

Under the conditions of their compliance, cryptocurrency exchange operators (once registered) will need to follow KYC know-your-customer protocol to establish a client’s identity, and flag suspicious transactions before formally reporting them to the Australian Transaction Reports and Analysis Centre. Further, all transactions involving funds over AUD$10,000 will need to be reported. The Australian Government moved to regulate digital currency exchange under existing CTF and AML laws back in August 2017, after the likes of Japan introduced its guidelines for this sector that same year.

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The Asian state has since become home to a thriving crypto ecosystem since the official recognition with several mainstream conglomerates and major players in traditional finance moving into the digital currency sector. This is evident with Monex purchasing Tokyo-based cryptocurrency exchange Coincheck for a whopping ¥3.6 billion ($33.5 million) April, despite the digital exchange market suffering a monumental $530 million theft in January

 

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