legislation

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 [...]

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