Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

New AML rules for bitcoin exchanges in Australia are beginning to operate today

Now, Australia’s crypto-currency exchanges must follow new rules aimed at combating money laundering and terrorist financing (the AML / CTF sphere).

The Australian Reporting and Analytical Transaction Center (AUSTRAC) has just published new obligations on its website as of April 3.

Since April 3, 2018, the exchange has to meet new criteria, which include: registration in the agency, acceptance and execution of the AML / CTF program, verification of users, as well as reporting of all suspicious transactions on the exchange and transactions using a currency of 10,000 Australian dollars ($ 7,700) or more, in addition, the data should be kept by the exchange for seven years.

Against unregistered crypto-currency exchanges fines and criminal liability for illegal activities are imposed.

Given that consideration of the application for registration of crypto-currency exchanges takes time, the agreement will allow existing platforms to continue to provide their services, but they must complete the registration process before May 14.

In order to combat illegal use of crypto-currencies, the Senate of Australia approved a draft law on compulsory licensing of crypto-currency exchanges in early December 2017. The bill also granted Austrac full control over the crypto-currency exchanges.

The second important for the Crypto Currency law will come into force in July 2018. The need for its adoption arose because of the previous law of 2014, which considered the crypto currency as a commodity and obliged Australians to pay tax on goods and services when they buy or pay with a crypto currency. This immediately aroused criticism from advocates of technology and activists. Then the Australian government promised to settle this issue.

Since 2018, Australians will no longer have to pay taxes on goods and services (GST, analogous to VAT) when buying and selling crypto currency – the government approved a bill that solves the problem of “double taxation” in the country.

According to the new bill, from July 1, 2018, the Crypto-currencies will be classified in the calculation of GST in a manner similar to foreign currencies.

The post New AML rules for bitcoin exchanges in Australia are beginning to operate today appeared first on Geek News Technology.



This post first appeared on Geeknews, please read the originial post: here

Share the post

New AML rules for bitcoin exchanges in Australia are beginning to operate today

×

Subscribe to Geeknews

Get updates delivered right to your inbox!

Thank you for your subscription

×