An Australian Senate panel recommends that the Parliament pass a bill on cryptocurrency regulation, Cryptocoinsnews.com reports.
As part of anti-money laundering and counter-terrorism financing amendments, the Senate Legal and Constitutional Affairs Legislation Committee prioritizes the regulation of digital currency exchange operators, among other objectives, under the purview of the Australian Transactions and Reporting Analysis Centre (AUSTRAC), the country’s financial intelligence agency and watchdog.
According to newly updated provisions published today, “the bill will enable new powers conferred on AUSTRAC’s chief executive, enabling the official to “make rules to expand or narrow the scope of the digital currency definition.”
It envisages introduction of a number of civil penalties for unregistered operators of digital currency exchange services, all of which are subject to strict liability.
Under the new legislature, a new designated service and register to regulate digital currency exchanges will be established within six months.
The committee considers that the bill would assist in Australia's efforts to combat money laundering and terrorism financing, and so should be passed.