According to the directive published on April 3 on the website of the Australian Reporting and Analytical Transaction Center (AUSTRAC), Australia’s crypto-exchange markets should follow the new rules against money laundering and terrorist financing.
Other requirements include compulsory registration with AUSTRAC, identification and confirmation of personalities of users and notification of the regulator about suspicious behavior or transactions involving A $ 10,000 ($ 7,700) or more.
Also, exchanges are required to “keep certain records for seven years.” The implementation of exchange activities by unregistered regulators will be subject to a fine and subject to criminal prosecution.
Existing exchanges are required to register before May 14: according to the document, “within six months, from April 3, the CEO AUSTRAC can carry out enforcement actions only if the cryptoexchange does not take” reasonable steps “to comply with regulatory requirements.”
New regulations for crypto-instruments were legalized in Australia in early December, when the Senate approved an amendment to the law on money laundering and terrorist financing and entrusted AUSTRAC with supervision of crypto-exchanges.
Last year, Australia began to actively engage in crypto-regulation: the law adopted in October 2017, solved the problem of double taxation – since July 1 this year, the Australian cryptocurrency will be taxed on value added similar to foreign currencies.
Write: Richard Abermann