Australia’s cryptocurrency exchanges must now follow new rules aimed to counter money laundering and terrorism financing (AML/CTF)

Australia’s Bitcoin Exchanges going forward, exchanges must meet new obligations, which include: adopting and maintaining an AML/CTF program , registering with the agency, identifying and verifying users, and
reporting suspicious behaviour and transactions involving fiat currency of A$10,000 (USD 7,700) and more. They must also maintain records for atleast seven years.

`“A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if [a crypto currency exchange] fails to take ‘reasonable steps’ to comply.”`

From July 1, 2018, bitcoin and other crypto currencies will now get the same GST treatment as foreign currencies with the passing of the bill

News Source: Crypto Breaking Website

New AML Rules for Australia’s Bitcoin Exchanges

Australia’s cryptocurrency exchanges must now follow new rules aimed to counter money laundering and terrorism financing (AML/CTF)

“A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if [a crypto currency exchange] fails to take ‘reasonable steps’ to comply.”

`“A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if [a crypto currency exchange] fails to take ‘reasonable steps’ to comply.”`