Australia plans to strengthen its anti-money laundering laws and regulate digital currencies such as bitcoin in the wake of a financial scandal involving its biggest bank, Commonwealth Bank of Australia.
Under reforms published on Thursday, Canberra would bring digital currency exchanges under the remit of Austrac, Australia’s financial crime fighting agency.
Australia’s move to regulate cryptocurrencies, including bitcoin, follows a similar move by Japan. Under new rules introduced by Tokyo this year any bitcoin or “alternative coin” exchange or money transfer business that wants to operate must come under the regulatory supervision of the Japan Financial Services Agency by October 1.
In Japan, which was the first national government to take such action, exchanges may be given annual audits and are subject to “know your customer” anti-money laundering regulations.
By regulating the currency, Japan has officially recognised bitcoin as a legal method of payment, a move that analysts say has helped the price of bitcoins surge to record highs.
Source: Financial Times
Jr Trader Ivan Ivanov
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