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Cryptocurrency regulations are expanding all over the world. No matter where you live, virtual currencies and blockchain technologies are being regulated. The Australian Transaction Reports and Analysis Centre (AUSTRAC) introduced new guidelines for virtual currencies and the crypto market.

AUSTRAC Crypto Regulations

As cryptocurrencies expand regulations try to follow up. More individuals and enterprises are using blockchain technology and virtual currencies on a daily basis. Some others are evaluating different systems that could be implemented in the future. 

The AUSTRAC has decided to implement new regulations to a market that is highly unregulated. The main purpose is to bring legitimacy to a market that generates doubts in the mainstream population not related to it.

Crypto-exchanges and other enterprises will have to register with the AUSTRAC if they want to operate in the country. This kind of regulations is very similar to the one that Japan has introduced some time ago. Cryptocurrency exchanges in the Asian country need to be registered with Japan’s FSA.

Besides that, companies will have to comply with Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) policies. Cryptocurrency exchanges will have to report suspicious activities and other fraudulent use of the services in case they notice it.

AUSTRAC CEO Nicole Rose commented on the matter:

“The new laws will strengthen [AUSTRAC’s] intelligence capabilities to help digital currency exchanges implement systems and controls that can minimize the risk of criminals using them for money laundering, terrorism financing and cybercrime. It’s recognized that this reform will help protect their business operations from money laundering and terrorism financing, while regulation will also help strengthen public and consumer confidence in the sector.”

At the moment, around 100 cryptocurrency exchanges are registered in Australia, but around 20 have registered with AUSTRAC.

Cryptocurrency Regulations Around the World

Different countries are starting to implement regulations in order to legitimize the crypto market and to avoid criminal activities to spread. The most common kind or regulation has been the one that controls the activities around Bitcoin and cryptocurrencies rather than the virtual currency itself.

Some countries like China or South Korea have taken stricter measures that included a total ban on Initial Coin Offerings (ICOs).

Other states in Europe have taken very friendly measures to attract cryptocurrency and blockchain investments to their territories. We are talking about Switzerland and Belarus. Both countries have special cities and industrial zones were cryptocurrency and blockchain activities have reduced taxes and other benefits.

The G-20 financial summit, that gathered the most important and influential figures in the economic world, have proposed to follow FATF standard regulations for cryptocurrencies. In June, the entity will have to inform about how countries are implementing these policies.

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Image Courtesy of Pixabay

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