Australia’s cryptocurrency exchanges must now follow new rules aimed to counter money laundering and terrorism financing (AML/CTF)
Australia’s Bitcoin Exchanges going forward, exchanges must meet new obligations, which include: adopting and maintaining an AML/CTF program , registering with the agency, identifying and verifying users, and
reporting suspicious behaviour and transactions involving fiat currency of A$10,000 (USD 7,700) and more. They must also maintain records for atleast seven years.
“A ‘policy principles’ period of six months will be in place from 3 April 2018. During that period, the AUSTRAC CEO can only take enforcement action if [a crypto currency exchange] fails to take ‘reasonable steps’ to comply.”
From July 1, 2018, bitcoin and other crypto currencies will now get the same GST treatment as foreign currencies with the passing of the bill
News Source: Crypto Breaking Website
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http://www.cryptobudha.com/2018/04/03/new-aml-rules-for-australias-bitcoin-exchanges-kick-in-today/
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I think, centralized exchanges will only be useful for fiat-crypto bridge in the future, 2018 will be the start for mass adoption for DEX like Bitshares, as people start realising the importance of privacy.
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