Australian authorities are making progress with revisions to the AML/CTF bill which will include bitcoin exchanges under the scope of Australian legislation for the first time.
The Australian Parliament published [PDF] newly updated provisions today, part of a wider reform of the government’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. In it, the Senate Legal and Constitutional Affairs Legislation Committee has prioritized the regulation of digital currency exchange operators, among other objectives, under the purview of the Australian Transactions and Reporting Analysis Centre (AUSTRAC), the country’s financial intelligence agency and watchdog.
Underlining the recommended regulatory move as an industry ‘best practice’, the committee added:
"AGD observed that the Report on the Statutory Review recommended the application of the AML/CTF Act and the Regulations to digital currencies and digital exchange providers."
Full story at http://bit.ly/2wZSUAW
Source: CryptoCoinsNews
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