Cryptocurrency – Now Under the AUSTRAC Scanner

Cryptocurrency – Now Under the AUSTRAC Scanner

As of the 3rd of April 2018, AUSTRAC (the government body in Australia which keeps a tab on money laundering and terror related activities) has placed new rules governing cryptocurrency transactions to provide greater transparency for regulators. Now transactions involving cryptocurrency will need to be signed up and logged onto a new Digital Currency Exchange Register. AUSTRAC requires that dealings above $10,000 be reported as per pre-existing rules for cash transactions and bank transfers.

(more…)