Published On: Thu, Apr 12th, 2018

Australian Cryptocurrency Exchanges Required to Report to Watchdog Agency

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Australia moves to regulate cryptocurrency providers by putting them under the direct purview of Australian Transaction Reports and Analysis Center (AUSTRAC) – the country’s money-laundering watchdog.
The changes, as reported by Reuters, are to become effective immediately. Months after AUSTRAC filed a money-laundering lawsuit against the Commonwealth Bank of Australia (CBA), regulators move to institute new registration requirements for cryptocurrency exchanges, hoping to substantially reduce the risk of cybercrime, terrorism financing, and, of course, money-laundering.
Rough Couple of Months
It seems that the issues associated with financial crime, including crypto-related scams, have taken their toll on Australia over the past few months. Fake bitcoin websites, as well as Ponzi schemes, cast a pall over the first quarter of 2018, having scammed Australian bitcoin users out of more than $10,692,438.
Just a few days ago, CBA announced that it was blocking all credit card purchases of virtual currencies on the grounds that “virtual currencies do not meet a minimum standard of regulation, reliability, and reputation when compared to currencies that we offer to our customers.” Ironically, the bank itself faces hundreds of money-laundering complaints.
Obligated to Report
Despite recent regulations, the country has an openly …

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