Australia Tightening Crypto Exchange Regulation

April 4, 2018

New AML rules against money laundering have entered into force in Australia. Corresponding notification was published at the website of the country’s government on April 3.

According to the new regulations, digital currency exchanges are now obliged to get registered in public authorities and undergo necessary inspections and procedures. These measures are a part to the program by Australian authorities aimed at elimination of defects in internal cryptocurrency legislation related to taxation and account data management.

Amid growing discontent caused by large number of cryptocurrency scam the Australian Taxation Office sought assistance from tax payers for better taxation of cryptocurrency revenues.

Local crypto exchanges now have to meet the following rules:

  1. Accept and support AML/CTF program to define, eliminate and manage risks of money laundering and terrorism funding.
  2. Establish and verify customers’ identities.
  3. Report to the Australian Government on all suspicious incidents and transactions to the amount of $10,000 and more in fiat.
  4. Keep specific report information in the course of 7 years.

Grace period will take place during the first six months then the government will approach crypto exchanges non-compliant with the rules less stringently thus giving time for corrections. Restricting measures are to be applied only to the platforms that do nothing to meet new legislation.

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