Bitcoin news radar have been buzzing with activities last week as numerous countries all around the globe came ahead with their exclusive crypto standings and debated about the implication of a Bitcoin regulation. According to recent reports, the Australian Parliament is all set to join the party with a bill in favour of strengthening the country’s laws against the evil clasp of money laundering which tapers in along with cryptocurrency activities. The proposed legislation shall consist mostly of granting AUSTRAC, the financial intelligence regulator of Australia with more power to look after the proper functioning of digital currency exchanges indigenously. Such exchanges shall also have to get themselves registered under a new regime having stricter protocol enforcement.
Once these new set of regulations become operational, it would be a legal offense to provide exchange services if the registration is not obtained. Thus people engaged in the continuous buying and selling bitcoin could actually end up committing an unintended offence.
Also Read: Australian Senate Committe Recommends to Pass The KYC Bill To Regulate Bitcoin Exchanges
Michael Keenan, the Australian Justice Minister stated during a parliamentary speech back in August while the bill got originally drafted that business houses trading digital assets for fiat currency or vice versa need to get themselves registered with AUSTRAC. They were also asked to maintain an AML/CTF program along with reporting of threshold transactions and suspicious matters to the concerned authority.
With more and more restrictions placed upon the cryptocurrency sector, those who were hopeful of a relaxed legislative phase out pertaining to the crypto sector in Australia did really receive a massive jolt. The Australian Criminal Intelligence Commission (ASIC) has recently stated that, “Virtual currencies, such as Bitcoin, are increasingly being used by serious and organized crime groups.”
With a large segment of the industry in favour of or against these regulations, it would be interesting to watch out how the story slowly unfolds. Some are hopeful that the new regulations shall boost up the confidence level of investors whereas others are feeling gloomy about the fact that such laws might end up being too hard hitting on the private usage of Bitcoins.
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