i think is big news if australia true regulated bitcoin
but if baned ico same with china, and exchanger close same china i think is not good
regulated must effect bitcoin user is easy use bitcoin and safe
Topic: Australia closer to regulating Bitcoin - page 2. (Read 669 times)
I must say that Australia's regulation will makes bitcoin image look more good than before. This regulation is a good move for Australia's citizen to decrease their doubts on bitcoin if they think bitcoin is not safe. And I also think that it might add new members in our community!
In my opinion just like Australia, all countries that accept bitcoin and crypotomoedas, will be closer to the future more technologically
Regulations is very important because all bitcoin transactions activities will now be monitored to prevent it of using it to illegal activities such as scams, money laundering, drugs and explosives. If every huge bitcoins to exchanges transactions will not be monitored we don't know if someone already will use it to destroy the country, to put the life of the people at risk or even to scam the people of their hard work money and that is why ICO will surely will be included too of all regulating.
I belong to everal Australian cryptocurrency exchanges and In each case i had to provide much ID , address checks, phone numbers and bank account checks. About 6 months at least.
KYC is good for btc. I also know that if anything goes wrong I can rely on Australian legal authorities to act.
I also have receipts for all my coins.
KYC is good for btc. I also know that if anything goes wrong I can rely on Australian legal authorities to act.
I also have receipts for all my coins.
Quote
Australia closer to regulating Bitcoin
Regulation is a must when it comes to bitcoin, in my opinion. Why? Because the reality that most criminal minded individuals are into it, especially that it’s prices is surging up this years. Australia as a country with great laws this is not to be worried. As long you go and work legally but if you do the different way then you are open for punishment.
It is the choices we made that make as a better person and we should follow what the government thing is best for its people. But in time that abuses will be dominant on they’re side it’s our decision to criticise they’re actions.
Supervision is a good thing, but it must be the right regulation, find some bitcoin, understand the chain of chain technology to do supervision, is the most reasonable. Indeed, bitcoin is now used in many fields, and many people prefer bitcoin when it is illegally traded, because it is completely anonymous, which weakens the functionality of the country. Control of every country will not want their country banknotes are bitcoin replaced.
How do they know what criminal organizations are increasingly going into Bitcoin? Wouldn't that be impossible to say for certain without the regulations in place? They're passing these regulations because they haven't started watching transactions after all. It just seems like a dangerous assumption.
Either way, these regulations seem fair. It would be better for Bitcoin as a whole if it can cleanse its name of crime.
Either way, these regulations seem fair. It would be better for Bitcoin as a whole if it can cleanse its name of crime.
Like children these days, the government sees that Bitcoin is a "thing" that can not be ignored and needs attention because it does not seem to be going anytime soon.
People will make it as it is. I hope this leads to a better adoption and a better Ecosytem Bitcoin than what Coin Jar and Living Room Of Satoshi have brought us here.
The message I want to convey is that Australia views it with maturity.
Right. It just means that australia is ready for the future and is willing to take the forefront for a crypto revolution. In the long run, australia and japan will greatly benefit for being the firsts to give btc a legal chance
People will make it as it is. I hope this leads to a better adoption and a better Ecosytem Bitcoin than what Coin Jar and Living Room Of Satoshi have brought us here.
The message I want to convey is that Australia views it with maturity.
Right. It just means that australia is ready for the future and is willing to take the forefront for a crypto revolution. In the long run, australia and japan will greatly benefit for being the firsts to give btc a legal chance
Like children these days, the government sees that Bitcoin is a "thing" that can not be ignored and needs attention because it does not seem to be going anytime soon.
People will make it as it is. I hope this leads to a better adoption and a better Ecosytem Bitcoin than what Coin Jar and Living Room Of Satoshi have brought us here.
The message I want to convey is that Australia views it with maturity.
People will make it as it is. I hope this leads to a better adoption and a better Ecosytem Bitcoin than what Coin Jar and Living Room Of Satoshi have brought us here.
The message I want to convey is that Australia views it with maturity.
I feel yes and no, its a good thing.
Main message i wanted to put across is even Australia are looking at it with maturity and not a craze brought onto us by our US cousins.
As the kids these days, the government sees that Bitcoin is a "thing" that cannot be ignored and requires attention as it seems to not be going away anytime soon.
The criminal element of the article is laughable, i concede and always have, as i have not come across a criminal who has refused money
For the cardigans this side of the world what the regulation means to them is, "well its regulated, lets get in on it, surely the government wont spend their time on nonsense so its worth a look in.."
People will make of it what they may. I hope it leads to a better adoption and a better bitcoin ecosytems the likes of what CoinJar and LivingRoomOfSatoshi have brought us over here.
Regulation of exchanges can be quite annoying for users, especially when it requires serious invasion of privacy like questioning the usage of funds.
Main message i wanted to put across is even Australia are looking at it with maturity and not a craze brought onto us by our US cousins.
As the kids these days, the government sees that Bitcoin is a "thing" that cannot be ignored and requires attention as it seems to not be going away anytime soon.
The criminal element of the article is laughable, i concede and always have, as i have not come across a criminal who has refused money
For the cardigans this side of the world what the regulation means to them is, "well its regulated, lets get in on it, surely the government wont spend their time on nonsense so its worth a look in.."
People will make of it what they may. I hope it leads to a better adoption and a better bitcoin ecosytems the likes of what CoinJar and LivingRoomOfSatoshi have brought us over here.
The wheels sure do move slowly over here but they do move.
You seem to be suggesting that this is a positive move. It might be good when governments are clear on their exact views on BTC, because it shows that their position is unlikely to get unreasonable or severe, but it's still a layer of inconvenience for people who want to get involved in BTC.Regulation of exchanges can be quite annoying for users, especially when it requires serious invasion of privacy like questioning the usage of funds.
They can be used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.
They can also be used in legal and legitimate markets. Crime is just a side effect of a good monetary system.
if it done , it will be a good step to make Bitcoin more legally in worldwide .
In my opinion just like Australia, all countries that accept bitcoin and crypotomoedas, will be closer to the future more technologically
It would be a good news that countries are starting to regulate bitcoin. It only means that bitcoin is gaining approval.
The wheels sure do move slowly over here but they do move.
You seem to be suggesting that this is a positive move. It might be good when governments are clear on their exact views on BTC, because it shows that their position is unlikely to get unreasonable or severe, but it's still a layer of inconvenience for people who want to get involved in BTC.Regulation of exchanges can be quite annoying for users, especially when it requires serious invasion of privacy like questioning the usage of funds.
They can be used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.
They can also be used in legal and legitimate markets. Crime is just a side effect of a good monetary system.Yep, well said.
I'd love to know how many people deal in cash that commit crimes with said cash. Or who trade oil for crimes. Or anything, really. Crime will always exist, regardless of what payment of method is issued.
The wheels sure do move slowly over here but they do move.
You seem to be suggesting that this is a positive move. It might be good when governments are clear on their exact views on BTC, because it shows that their position is unlikely to get unreasonable or severe, but it's still a layer of inconvenience for people who want to get involved in BTC.Regulation of exchanges can be quite annoying for users, especially when it requires serious invasion of privacy like questioning the usage of funds.
They can be used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.
They can also be used in legal and legitimate markets. Crime is just a side effect of a good monetary system.
www.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582
The wheels sure do move slowly over here but they do move.
Bitcoin is one step closer to being regulated in Australia, with Parliament expected to this week vote on a bill to strengthen the nation's anti-money laundering laws.
Key points:
New laws part of Government's efforts to combat money laundering and terrorism financing
AUSTRAC would be given new powers to monitor digital currency exchanges
These exchanges would be required to identify customers more stringently and report suspicious transactions
The value of the controversial cryptocurrency's hit its all-time high on October 21, with each Bitcoin trading at $7,467 (or $US6,149).
That was almost a ten-fold surge from last October, when each unit was worth just $803 (or $US630). But even at that lower price, many people thought the digital currency was "over-valued".
The proposed laws
If the new laws are passed, the financial intelligence regulator AUSTRAC will be given new powers to police digital currency exchanges — where traders buy and sell Bitcoin, Ethereum and other cryptocurrencies.
These exchanges like Independent Reserve and BTC Markets would need to be registered under the new regime.
It will also become an offence for an "unregistered person" to provide digital currency exchange services.
"Businesses that trade digital currencies for money, and vice versa, will be required to enrol and register with AUSTRAC," Justice Minister Michael Keenan said in a Parliamentary speech about the bill in August.
Mr Keenan said these businesses would need to "establish, implement and maintain an AML/CTF (anti-money laundering and counter-terrorism financing) program".
In addition, they would have to "report threshold transactions and suspicious matters to AUSTRAC, and keep appropriate records".
This is a softer approach compared to China, which banned initial coin offerings (ICOs) last month — a move which led to Bitcoin's value dropping by more than US$1,000 to $US3,226 (on September 14).
Digital currencies and crime
The Australian Criminal Intelligence Commission (ACIC) has been a strong advocate for regulating digital currencies.
"Virtual currencies, such as Bitcoin, are increasingly being used by serious and organised crime groups," ACIC said in its report on Australian organised crime, released in August.
"They are a form of currency that can be sold anonymously online, without reliance on a central bank or financial institution to facilitate transactions."
They can be used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.
They are also the currency of choice when it comes to cyber attacks.
Bitcoin explained
Can't tell a bitcoin from a blockchain? Read our explainer to see how the cryptocurrency works.
The hackers behind the Wannacry ransomware attack, which infected nearly 100 countries around the world demanded their ransom be paid with Bitcoin.
That was also the case with the Petya cyber attack in June, which targeted the Cadbury chocolate factory in Tasmania.
But the buying and selling of Bitcoin and similar virtual currencies is currently unregulated in Australia due to a loophole in existing laws.
The loophole is that the term "e-currencies" is defined too specifically in the Anti-Money Laundering and Counter-Terrorism Financing Act.
"E-currencies" are defined as "an internet-based, electronic means of exchange" backed by something physical like a "precious metal" (gold or silver), or "bullion".
This problem was pointed out by the Attorney-General's Department's (AGD) submissions in submissions to the Senate.
In particular, the AGD said this specific definition does not cover Bitcoin. That is because the digital currency is not backed by physical assets at all — but by a "cryptographic algorithm".
"This regulatory gap is also having an impact on the legitimacy and public perception of the digital currency sector, which may impede developments or the use of these currencies in the future," the AGD said.
A mixed industry response
There is a "legacy stigma" with digital currencies, and that people unfortunately associate Bitcoin with crime, Independent Reserve's director Lasanka Perera said.
"These new laws would be good for the industry, it will give more confidence to investors, consumers and businesses to enter the industry," he said.
But some digital currency businesses believe that the anti-money laundering bill imposes unduly harsh obligations.
"The proposed legislation will have the effect of requiring KYC [Know Your Customer] procedures of our customers for even very small transactions," said Daniel Alexiuc, who runs an online business called Living Room of Satoshi.
He said this includes small transactions like "paying your phone bill or buying a banh mi (Vietnamese bread roll) for lunch".
Through Mr Alexiuc's website, customers can use Bitcoin and 10 other cryptocurrencies to pay their household bills — as long as they have BPAY facilities like ANZ Bank, Optus and Australia Post.
Mr Alexiuc made submissions to the Senate's legal affairs committee arguing that there should be an exemption for payments under $1,000.
His concern is, under the proposed laws, he would be required to ask his customers to provide photo identification before they register for an account.
"It will kill our retail payment system, and these new laws are completely unfeasible," he said.
The law currently does not require digital currency exchanges to conduct an identification check on customers who open accounts
However, some of the operators who spoke with the ABC said they, nevertheless, ask for "100 points of ID" from their customers because it is "best practice".
The imposition of new regulations on digital currency exchanges may also impose high entry barriers to new entrants.
"There is likely to be an ongoing expensive compliance cost, particularly in regards to ongoing transaction monitoring," said BTC Markets' director Jarrod Crane, who is supportive of the proposed laws.
However, he conceded that: "If this regulation was around in 2013, we probably wouldn't have been able to start our business."
Topics: business-economics-and-finance, regulation, currency, australia
First posted 23 Oct 2017, 3:11am
The wheels sure do move slowly over here but they do move.
Bitcoin is one step closer to being regulated in Australia, with Parliament expected to this week vote on a bill to strengthen the nation's anti-money laundering laws.
Key points:
New laws part of Government's efforts to combat money laundering and terrorism financing
AUSTRAC would be given new powers to monitor digital currency exchanges
These exchanges would be required to identify customers more stringently and report suspicious transactions
The value of the controversial cryptocurrency's hit its all-time high on October 21, with each Bitcoin trading at $7,467 (or $US6,149).
That was almost a ten-fold surge from last October, when each unit was worth just $803 (or $US630). But even at that lower price, many people thought the digital currency was "over-valued".
The proposed laws
If the new laws are passed, the financial intelligence regulator AUSTRAC will be given new powers to police digital currency exchanges — where traders buy and sell Bitcoin, Ethereum and other cryptocurrencies.
These exchanges like Independent Reserve and BTC Markets would need to be registered under the new regime.
It will also become an offence for an "unregistered person" to provide digital currency exchange services.
"Businesses that trade digital currencies for money, and vice versa, will be required to enrol and register with AUSTRAC," Justice Minister Michael Keenan said in a Parliamentary speech about the bill in August.
Mr Keenan said these businesses would need to "establish, implement and maintain an AML/CTF (anti-money laundering and counter-terrorism financing) program".
In addition, they would have to "report threshold transactions and suspicious matters to AUSTRAC, and keep appropriate records".
This is a softer approach compared to China, which banned initial coin offerings (ICOs) last month — a move which led to Bitcoin's value dropping by more than US$1,000 to $US3,226 (on September 14).
Digital currencies and crime
The Australian Criminal Intelligence Commission (ACIC) has been a strong advocate for regulating digital currencies.
"Virtual currencies, such as Bitcoin, are increasingly being used by serious and organised crime groups," ACIC said in its report on Australian organised crime, released in August.
"They are a form of currency that can be sold anonymously online, without reliance on a central bank or financial institution to facilitate transactions."
They can be used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.
They are also the currency of choice when it comes to cyber attacks.
Bitcoin explained
Can't tell a bitcoin from a blockchain? Read our explainer to see how the cryptocurrency works.
The hackers behind the Wannacry ransomware attack, which infected nearly 100 countries around the world demanded their ransom be paid with Bitcoin.
That was also the case with the Petya cyber attack in June, which targeted the Cadbury chocolate factory in Tasmania.
But the buying and selling of Bitcoin and similar virtual currencies is currently unregulated in Australia due to a loophole in existing laws.
The loophole is that the term "e-currencies" is defined too specifically in the Anti-Money Laundering and Counter-Terrorism Financing Act.
"E-currencies" are defined as "an internet-based, electronic means of exchange" backed by something physical like a "precious metal" (gold or silver), or "bullion".
This problem was pointed out by the Attorney-General's Department's (AGD) submissions in submissions to the Senate.
In particular, the AGD said this specific definition does not cover Bitcoin. That is because the digital currency is not backed by physical assets at all — but by a "cryptographic algorithm".
"This regulatory gap is also having an impact on the legitimacy and public perception of the digital currency sector, which may impede developments or the use of these currencies in the future," the AGD said.
A mixed industry response
There is a "legacy stigma" with digital currencies, and that people unfortunately associate Bitcoin with crime, Independent Reserve's director Lasanka Perera said.
"These new laws would be good for the industry, it will give more confidence to investors, consumers and businesses to enter the industry," he said.
But some digital currency businesses believe that the anti-money laundering bill imposes unduly harsh obligations.
"The proposed legislation will have the effect of requiring KYC [Know Your Customer] procedures of our customers for even very small transactions," said Daniel Alexiuc, who runs an online business called Living Room of Satoshi.
He said this includes small transactions like "paying your phone bill or buying a banh mi (Vietnamese bread roll) for lunch".
Through Mr Alexiuc's website, customers can use Bitcoin and 10 other cryptocurrencies to pay their household bills — as long as they have BPAY facilities like ANZ Bank, Optus and Australia Post.
Mr Alexiuc made submissions to the Senate's legal affairs committee arguing that there should be an exemption for payments under $1,000.
His concern is, under the proposed laws, he would be required to ask his customers to provide photo identification before they register for an account.
"It will kill our retail payment system, and these new laws are completely unfeasible," he said.
The law currently does not require digital currency exchanges to conduct an identification check on customers who open accounts
However, some of the operators who spoke with the ABC said they, nevertheless, ask for "100 points of ID" from their customers because it is "best practice".
The imposition of new regulations on digital currency exchanges may also impose high entry barriers to new entrants.
"There is likely to be an ongoing expensive compliance cost, particularly in regards to ongoing transaction monitoring," said BTC Markets' director Jarrod Crane, who is supportive of the proposed laws.
However, he conceded that: "If this regulation was around in 2013, we probably wouldn't have been able to start our business."
Topics: business-economics-and-finance, regulation, currency, australia
First posted 23 Oct 2017, 3:11am
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