The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s top financial intelligence agency, has officially registered 246 cryptocurrency exchanges — a key initiative to legitimize crypto assets and “bring them” into the mainstream.
Since Australia changed its anti-money laundering and counter-terrorism regulations in 2018 (which entered into force in April 2018) that crypto exchanges must register with AUSTRAC — a registration that requires background checks and anti-fraud procedures.
Exchanges had until last October to comply with the new rules — and according to an ABC publication shared by the end of January, the agency rejected (for unknown/non-shared reasons) two registrations between April 2019 and mid-January 2019.
“We will not hesitate to take strong enforcement action where significant or wilful non-compliance is identified.” — Shared an unnamed AUSTRAC official.
Why it is important
- AUSTRAC and pro-regulation individuals believe the crypto exchanges’ compulsory registration will hinder money laundering and terrorism financing initiatives, providing greater trust in cryptocurrencies and deeper legitimacy to the crypto and blockchain industries.
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