Crypto Trading

Australia introduces a new law on cryptocurrency regulation

cryptocurrency

Australia is moving to the introduction of a new bill that would expand the rules for combating money laundering in the country. The new rules will primarily concern cryptocurrency exchangers and exchanges.

In today’s statement, the Ministry of Justice announced that the legislation will bring the stock exchanges under the jurisdiction of the AUSTRAC, the country’s main financial intelligence department.

Attempts to bring a legislative base to the crypto-currency market were conducted since the middle of 2016, when the government issued a large-scale statement on financial technologies.

As the government explained today:

  • “The bill will … close the regulatory gap, providing the providers of digital currencies in accordance with the authority of AUSTRAC, to strengthen investigation and execution powers, to expand the search and capture opportunities for police and customs at the border and to provide regulatory assistance to the industry. By deregulating low-risk industries.

Australian lawmakers confirmed their intention to develop a new law of this nature last year. At that time, the Prosecutor General’s Office indicated support for such a petition, calling for the adoption of charters to obtain legislative information.

As previously reported this month by the company, at least a few lawmakers in Australia want to see bitcoins as the official currency.

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