The Australian financial intelligence agency, AUSTRAC has published the new set of anti-money laundering and counter-terrorism financing rules for the Australia crypto exchanges that get into effect from today. The agency has given six months for operators to register or get penalized or criminally charged if failed to comply.
AUSTRAC’s AML/CTF rules for Australia crypto exchanges
Australia has just provided a new set of rules for digital currency exchanges to follow. These rules are basically aimed towards Anti-money laundering and terrorism financing (AML/CTF). AUSTRAC, the financial intelligence agency of the country just published these rules on its official website that provides the crypto exchange platforms enough time to ensure their compliance with these regulations.
AUSTRAC’s AML/CTF rules for Australia crypto exchanges
Australia has just provided a new set of rules for digital currency exchanges to follow. These rules are basically aimed towards Anti-money laundering and terrorism financing (AML/CTF). AUSTRAC, the financial intelligence agency of the country just published these rules on its official website that provides the crypto exchange platforms enough time to ensure their compliance with these regulations.
This step taken by the Australian Government is a wise choice. If bitcoin will still be used by money launderers, terrorist and criminals bitcoin will have a negative connotation and will be called a criminals money. With those rules being set to bitcoin and cryptocurrency exchanges , the coins and tokens in the crypto industry will be cleansed from its negative reputation. This is a good sign that Australia accepts and is willing to use cryptocurrency in their country.
