06/12/2017
Australian government has introduced into parliament a bill to regulate the activities of digital currency exchange service providers. If enacted in current form, digital currency exchanges will report to the Australian Transaction Reports and Analysis Centre (AUSTRAC), and such exchanges will be required to:
- obtain registration with AUSTRAC;
- perform customer due diligence;
- report to AUSTRAC suspicious matters, and any large transactions;
- adopt and maintain anti-money laundering and counter-terrorism financing program;
- keep records;
- criminal offence for not abiding
- establishment of a Digital Currency Exchange Register.
For the sake of avoiding drug lords, tax evaders, and cross border criminals happily utilizing this excellent application of blockchain invention to damage our weakly rebuilt global economy from financial tsunami, and pause just a little while from listening to every exciting banker becoming crypto expert overnight with jeans, let's make this a clean, legit, and healthy one for all! Well done Aussies, move fast is better than think too much in this world, including Legislature.