Australia has enacted a law on the regulation of cryptocurrency exchanges

April 3 in Australia came into force a new regulation of cryptocurrency exchanges. Now trading venues will be required to register and to operate in accordance with the rules on combating money laundering and the financing of terrorism (AML/CFT).

In accordance with the new law, cryptocurrency exchanges are now required to register and to submit reports to the financial monitoring Service of Australia (AUSTRAC). Service, in turn, has produced a document which described in detail the substantive obligations of the cryptocurrency platforms under the new rules.

In addition to the «implementation and work in accordance with the rules of AML/CFT for the detection, eradication and suppression of money laundering and financing of terrorism», Australian stock exchange needs to identify and verify the identity of their customers, and «keep some information for seven years,» and to report «suspicious transactions» and transactions worth more than $ 10,000 to AUSTRAC.

The service also notes that the exchanges since 3 April is six months to start working under the new rules. During this time the rules are «transitional period» that will allow companies to continue their work until they are registered in AUSTRAC. Existing, the exchange must apply for a temporary license until may 14 of this year. Service representatives warned that ignoring the new rules face exchanges criminal and administrative prosecution.

Last week the Australian tax office (ATO) has updated
guide on the taxation of cryptocurrencies and asked the public to Express their opinion about the new rules. In addition, from July 2018, Australians will no longer have to pay tax on the goods and services tax (GST, the equivalent of VAT) when buying and selling virtual currencies as a government approved
the bill against «double taxation» in the country.

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