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 Center (AUSTRAC
The move is aimed at imposing restrictions on digital currencies, particularly Bitcoin, due to their continued 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 they were one of the most important banks of the world, Commonwealth Bank,
The filing of the bill was also driven by the report (19459003)
Under the new law, the AUSTRAC is empowered to monitor the activities of all virtual currency exchanges operating in Australia's jurisdiction. (19459003)
The law mandates that money will be paid to the public and to
The Directive also requires the provision of services to customers in the United States. A threshold transaction is the transfer of virtual currencies worth
The new regulation also imposes a breach of the law. The penalty for unregistered exchanges starts with a two-year $ 105,000, while violators of the fine-tuning of $ 2,000 for $ 420,000 for individuals.