Australia Introduces Bill That Regulates Bitcoin Exchanges

Australia to Regulate Bitcoin Exchanges
Australia’s Coalition Government announced a bill on Thursday that would regulate digital currency exchanges.
Australia’s move is in line with some other countries in their efforts to prevent money laundering. In April, as the Japanese government started recognizing bitcoin as a method of payment, it also imposed strict rules on bitcoin exchanges in order to comply with AML and Know Your Customer (KYC) requirements. Earlier this year, following investigations by the People’s Bank of China (PBOC), many Chinese bitcoin exchanges halted bitcoin withdrawals to extensively upgrade their systems for the purpose of AML and KYC compliance. Also the European Union has been discussing how to impose rules on bitcoin exchanges as part of its Fourth Anti-Money Laundering Directive.The bill provides a net regulatory relief to industry of $36 million annually, with the digital currency exchange sector being regulated for the first time, while deregulating low-risk industries such as cash-in-transit, which is already subject to state and territory licensing requirements.
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Images courtesy of Shutterstock, Coin.dance, and Austrac
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AML anti-money laundering austrac Australia bill bitcoin exchanges China Digital Currency EU Europe European Union Government Japan Know-Your-Customer KYC N-Economy reform Regulation Regulations terrorism terrorist financing
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