Australian Govt has introducd new Regulations for Cryptocurrency Exchanges.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: jaocoincrypto18 on April 05, 2018, 11:41:53 PM

Quote from: GreeCoin on April 04, 2018, 11:53:34 AM

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

This move will ensure that Bitcoin will surely not be use in any illegal activities in the country such as Money laundering and smuggling of guns and explosives in which it will put the nation and welfare of the people at risk but also we should expect that crypto currencies volume in this nation will decrease as they strict well the exchanges transactions which means some Australian investors will now getting more difficult to join the investments

It would really be divided for sure because there are investors which do care about anonymity and others do care about security when it comes to their investment.We cant still conclude between on their ratios of between investors but possible things will be there.Its good to hear out that another country do decide to adopt crypto specially bitcoin but in a regulated way which isnt surprising because sooner or later,more countries would consider and follow this path.

MoonJeina

sr. member

Activity: 652

Merit: 250

Make winning bets on sports with Sportsbet.io!

Quote from: GreeCoin on April 04, 2018, 11:53:34 AM

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

I would like to know more about it . Went through the depth and din;t fond some strong reference to the news so would u care sharing some proofs . Moreover , if this is true i don't think there is anything wrong about it . Governments always have to take care about the things that might harm their people and country . Atleast they are not banning cryptocurrencies exchange like every other country.

RunMikeRun

newbie

Activity: 30

Merit: 0

Just in time. I love that more and more countries are introducing regulations towards crypto market, it will have a positive influence on the whole ecosystem

Proton2233

sr. member

Activity: 434

Merit: 252

Quote from: richardsNY on April 04, 2018, 06:17:48 PM

As soon as all countries start to require registration for exchanges, which I believe is just a matter of time, then plenty of exchanges will either have to halt operations, or do what they need to do in order to comply with the law. It's basically what made Binance halt its operations in Japan, and that till they are granted the approval they have been waiting for since earlier this year. Not exactly sure why it takes so long, but reading through the latest developments in Japan and exchange registrations, the Japanese authorities seem to handle very high standards, so it's likely them expecting Binance to up its game even further, which isn't necessarily a bad thing. I like how they take everything seriously, wish more countries did that....

All exchanges that use a Fiat pair are already required to obtain a work permit. Binance does not trade Fiat pairs. They didn't have a problem. But when they wanted to get registered in Japan problems arose. Therefore, they transfer their registration to Malta. In this country more loyal to the law. Perhaps Malta is the future capital of cryptocurrencies.

icecube45

legendary

Activity: 1218

Merit: 1000

Quote from: GreeCoin on April 04, 2018, 11:53:34 AM

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

I think it's very good, it's proof that cryptocurrency is getting accepted there. The government there doing that because it wants to secure the country and users from crime. It will be more complicated but a good move. Maybe there will be a tax for country so it will add cost, but I think it does not matter. Sooner or later see the development of cryptocurrency is more advanced, surely other countries will also do this.

ahmad21

sr. member

Activity: 672

Merit: 271

Here is the complete link of the official statement http://www.austrac.gov.au/news/digital-currency-exchange-providers-register-online-austrac

I think there is an utter and immediate need of such regulations around the world. Nice to see Australia beginning with these regulations. Now exchanges will have to register themselves with the portal created for them. They will have to comply with the guidelines mentioned by the government. This means they will be regulated at every step and now the citizens will also be able to file complaints against such exchanges. So all on all a good move by government.

jaocoincrypto18

full member

Activity: 630

Merit: 103

Quote from: GreeCoin on April 04, 2018, 11:53:34 AM

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

This move will ensure that Bitcoin will surely not be use in any illegal activities in the country such as Money laundering and smuggling of guns and explosives in which it will put the nation and welfare of the people at risk but also we should expect that crypto currencies volume in this nation will decrease as they strict well the exchanges transactions which means some Australian investors will now getting more difficult to join the investments

golek upo

full member

Activity: 214

Merit: 100

It is a very appropriate decision. Because many terrorists are using the blockchain as a medium to send/receive funds terror.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

At least these are just new AML rules -- nothing we're not already used to seeing. Exchanges will need to register with the Australian authorities, implement KYC procedures and report suspicious transactions involving physical currency of $10,000 or more.

Quote from: Kemarit on April 04, 2018, 04:34:17 PM

Quote from: GreeCoin on April 04, 2018, 11:53:34 AM

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

Care to share the links?

Australia Launches New Cryptocurrency Exchange Regulations

Quote from: richardsNY on April 04, 2018, 06:17:48 PM

As soon as all countries start to require registration for exchanges, which I believe is just a matter of time, then plenty of exchanges will either have to halt operations, or do what they need to do in order to comply with the law.

The real problem I see is licensing. At least that's the problem in the US. The state-by-state MSB licensing scheme is a massive barrier to entry.

Quote from: richardsNY on April 04, 2018, 06:17:48 PM

It's basically what made Binance halt its operations in Japan, and that till they are granted the approval they have been waiting for since earlier this year.

Apparently, many exchanges have operated unregistered in Japan for years. For whatever reason, they singled out Binance, maybe because they had some physical operations in Japan. I still don't see how moving to Malta changes anything unless they start prohibiting Japanese residents from trading there.

richardsNY

legendary

Activity: 1232

Merit: 1091

As soon as all countries start to require registration for exchanges, which I believe is just a matter of time, then plenty of exchanges will either have to halt operations, or do what they need to do in order to comply with the law. It's basically what made Binance halt its operations in Japan, and that till they are granted the approval they have been waiting for since earlier this year. Not exactly sure why it takes so long, but reading through the latest developments in Japan and exchange registrations, the Japanese authorities seem to handle very high standards, so it's likely them expecting Binance to up its game even further, which isn't necessarily a bad thing. I like how they take everything seriously, wish more countries did that....

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: GreeCoin on April 04, 2018, 11:53:34 AM

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

Care to share the links? Well it only makes sense as almost centralize exchanges require information for AML/KYC compliant. So I'm not surprise at all by the moved of the Australian government. And if you will closely look at the G20 outcome, this have been the main issue as well, crypto is being taken advantage by criminals like terrorist that's why there is a proposal to have a "single regulatory body" to track down everything. Remains to be seen, but I'm ok with complying with AML as I'm no criminal and terrorist.

GreeCoin

newbie

Activity: 46

Merit: 0

The new Australian legislative guidelines for the operation of cryptocurrency trading were introduced on 3 April 2018. From now on, Australian digital exchange companies will be required to register and comply with anti-money laundering / anti-terrorism financing ( AML / CTF) laws.

Topic: Australian Govt has introducd new Regulations for Cryptocurrency Exchanges. (Read 157 times)