Asia-Pacific

Australian Finance Watchdog to Monitor Bitcoin Exchanges

The Australian Transaction Reports and Analysis Centre (Austrac), a financial intelligence agency, has received the go-ahead to monitor Bitcoin exchanges. The news means cryptocurrency exchanges in the country will have to register with Austrac and be placed on a dedicated register. They will also be required to set up other procedures, including countering the risks of money laundering and terrorism financing, verifying customers’ identities, and maintaining some records for seven years, a ZDNet news report indicates. Aimed to counter illicit uses [...]

Closing China’s Bitcoin Exchanges Was the Right Move, Says PBoC Official

The vice governor of the People’s Bank of China, Pan Gongsheng, has said that the country’s regulators took the right decision in cracking down on domestic cryptocurrency exchanges. Speaking at a financial book award event in Shanghai at the weekend, the central bank executive said it was “scary to think about” the scenario if the regulators had not stopped cryptocurrency exchanges from serving the local Market, Yicai Global reports. Gongsheng said: “If we didn’t shut Bitcoin exchanges and crack down on initial coin offerings [ICOs] [...]