The Australian government has implemented a law mandating Bitcoin exchanges operating in the country to register with the anti-money laundering agency Australian Transaction Reports and Analysis Centre (AUSTRAC).
The move is aimed at imposing restrictions on digital currencies, particularly Bitcoin, due to their continuous growth and adoption in the mainstream financial sector.
The bill was first filed with the Australian parliament in August 2017 with an aim to fight the threat of financial crime in the country. The country’s parliamentarians felt that there was a need to do this after the discovery that one of the major banks, Commonwealth Bank, has violated laws related to money laundering.
The filing of the bill was also driven by the report of the Financial Action Task Force, which stated that the existing laws to combat money laundering have serious flaws and should be amended to eliminate loopholes.
Under the new law,the AUSTRAC is empowered to monitor the activities of all virtual currency exchanges operating in Australia’s jurisdiction. The main aim of the monitoring is to ensure that financial transactions are not related to money laundering or terrorism…