Australia Introdused New Rules For Cryptocurrency Exchanges Today
According to AUSTRAC, on Tuesday, April 3, new rules for Australian cryptocurrency exchanges, aimed against money laundering and terrorist financing (AML/CTF), came into force.
Now, Australia's cryptocurrency exchanges would comply with several mandatory rules, including: register with AUSTRAC; implement AML/CTF; identify and verify users; report suspicious activity and transactions of $ 10,000 AUD (about $ 7,700) or more. In addition, trading platforms are required to keep certain records for seven years.
It is noted that the provision of appropriate financial services without registration may entail criminal and administrative liability.
"Beginning April 3, within six months, the head of AUSTRAC can take coercive measures only if the cryptoexchange does not take" reasonable steps "to comply with the new rules. For existing companies, transitional arrangements will be created that will allow the provision of services while their applications for registration are being considered. Cryptocurrency exchanges are required to register before May 14, 2018," the ministry said.
Note, representatives of the site CoinSpot have already reported that they successfully completed the registration:
"CoinSpot submitted its application earlier today to AUSTRAC under the new AML/CTF Act. We are pleased to announce that we have been successful and are now registered to provide digital currency exchange services."
Recall that in August last year, in accordance with the proposed government amendments to the legislation, AUSTRAC began to exercise control over the activities of cryptocurrency exchanges. In addition, in 2016, Australia became one of the first countries where cryptocurrencies came under the jurisdiction of anti-terrorism legislation.