THELOGICALINDIAN - A growing cardinal of cryptocurrency exchanges accept been registered with Australias crypto regulator A agent for the government bureau administering the crypto industry accepted to newsBitcoincom on Monday that the regulator has already registered 312 crypto exchanges
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312 Registered Crypto Exchanges
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s banking intelligence bureau and anti-money bed-making regulator, has been acclimation the crypto industry back April 2024. A agent for the regulator told news.Bitcoin.com on Monday that “Since April 2024, AUSTRAC has adapted agenda bill barter providers to abbreviate the accident of abyss application them for money laundering, agitation costs and cybercrime,” adding:
This latest cardinal represents a 27% increase, or 66 added crypto exchanges, from the cardinal a agent for the regulator told news.Bitcoin.com in February aftermost year. At that time, 246 entities had been registered with AUSTRAC.
Crypto Regulatory Framework in Australia
The agent added explained that Australia’s “Anti-Money Bed-making and Counter-Terrorism Costs Act 2024 requires agenda bill barter providers to formally annals with AUSTRAC and apparatus anti-money bed-making and counter-terrorism costs controls aural their business.” According to the agency’s website:
If registered crypto exchanges do not accommodated their obligations for anti-money bed-making and counter-terrorism financing, AUSTRAC can booty accomplish to accomplish acquiescence and seek a penalty.
So far, the regulator has canceled the allotment of three companies: Webpark Pty. Ltd., Auscoin ATM Pty. Ltd., and ACN 625 238 735 Pty. Ltd. In addition, the allotment of Cryptocurrency Transaction Machines Pty. Ltd. has been suspended. Three added companies were banned registration: Jwon1 Pty. Ltd., Easy Bitcoin Trading Pty. Ltd., and The Gold Buying Company Pty. Ltd. The regulatory, however, does not broadcast the account of all accustomed crypto barter account providers.
Meanwhile, the Australian Balance and Investments Commission (ASIC) is amenable for acclimation crypto assets and tokens that abatement beneath the analogue of banking products, including companies gluttonous to accession funds through antecedent bread offerings (ICOs). Australian balance laws may apply, including the claim to authority an Australian banking casework license, which is bare to conduct a banking casework business in the country.
What do you anticipate of the cardinal of registered crypto exchanges in Australia? Let us apperceive in the comments area below.
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Images address of Shutterstock and AUSTRAC.
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