SYDNEY, Australia—Another country is regulating cryptocurrencies.
Hoping to put a dent in financial terrorism, money laundering and cybercrime, the Australian government has directed all cryptocurrency exchanges operating in the country to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC), reported Crypto-News.
The Australian government, in a release, stated it is viewing the next six months as a “transitional’ phase,” noting that it will hold off on “enforcement action” as long as Digital Currency Exchanges (DCEs) are taking ‘reasonable steps to comply” with the new obligations.
It added that the AUSTRAC will allow DCEs already operating in Australia to continue their services while their registration applications are being reviewed.
To ensure that the steps are followed, there are also “enforcement actions” listed. Some of them include, “applying for a civil penalty order or an injunction, issuing a remedial direction, giving an infringement notice, or requiring an external compliance audit,” Crypto-News said.
“AUSTRAC now has increased opportunities to facilitate the sharing of financial intelligence and information relating to the use of digital currencies, such as Bitcoin and other cryptocurrencies, with its industry and government partners,” said AUSTRAC CEO Nicole Rose. “The information that these businesses will collect and report to AUSTRAC will have immediate benefit in the fight against serious crime and terrorism financing.”