Australian Government To Bring Bitcoin Under AML & CTF?

Bitcoin Regulation

The Australian Government has formally reacted to the arguments of lawmakers in Australia to bring virtual currency transactions like Bitcoin under existing AML and CTF rules that is under anti-money laundering and counter terrorist financing rules.

Australian government issued an official statement which affirms that it approves to review the proposal of the pertinent laws.

The statement emphasized, “The assessment is viewing an array of procedures to sustain the advancement of the FinTech industry. It is also pondering as to how the existing AML/CTF rules of Australia should be applied to the inclusion of exchangeable digital currency transactions like Bitcoin and how to make the obligations under these rules to be technology independent.”

The government pointed out that this move would not only put Australia in line with the choices made by the UK and Canada but will also make it  aligned with the suggestions made by the global principles body FATF – ‘Financial Action Task Force.’

The Australian government reply continued: “The country’s assessment team is also viewing a substitute move to deal with the money laundering and terrorism financing threats propounded by virtual currencies.

Somewhere else, the Australian government restated that it is dedicated to promoting and nurturing innovation in FinTech, and it will device supplementary changes to present laws to oblige those who are using blockchains systems and digital currencies.

For instance, the Australian government approved that patrons who are using digital exchange should not be taxed twice. This has become an issue which has garnered substantial attention internationally. The government even implied that it would look at a suitable tax treatment of digital currencies along with a unique task force to supervise the industry.

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