Australia: Digital Currency Exchange Providers Need To Register Online With AUSTRAC
While India is moving towards banning Bitcoin, Australia has taken steps to regulate and recognise cryptocurrency exchanges in the country. In a new statement released by the Australian Transaction Reports and Analysis Centre (AUSTRAC), the cryptocurrency exchanges are required to meet AML/CTF obligations. This includes:
Adopting and maintaining an AML/CTF programme to identify, mitigate and manage money laundering and terrorism financing risks
Identifying and verifying the identities of their customers
Reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
Keeping certain records for seven years
As per the notification, the ‘policy principles’ period of six months will be in place from April 3, 2018. During that period, the AUSTRAC CEO can only take enforcement action if a DCE business fails to take ‘reasonable steps’ to comply.
The cryptocurrency exchanges are required to register with AUSTRAC latest by May 14, 2018.
Down to $5.9K, at Zebpay, Bitcoin price in India is almost $1,000 less than that of its global price at Coinmarketcap. The Indian government which has so far stood with the RBI pertaining to cryptocurrency issue will stand with RBI in this case too? What will the Subhash Chandra Committee bring to the Finance Minister’s table?
With banning banks from dealing with cryptocurrency exchanges, the RBI has tried to respond to a few questions. However, in the Bitcoin world, people have always more questions than answers!