Australia has introduced a new bill that will regulate the cryptocurrency exchanges in the country. The government has presented the draft law in a bid to strengthen the country’s Anti-Money Laundering and Counter-Terrorism Financing Act and to support the Australian Transactions and Reporting Analysis Centre (Austrac).
The government also said in the announcement that the bill would allow Austrac to regulate cryptocurrency exchanges in the country.
Austrac is behind the implementing the country’s anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Austrac is a financial intelligence agency.
Australia is from the few countries around the globe to regulate cryptocurrency and prevent money laundering. The Australian government has launched strict rules on Bitcoin exchanges to conform to the AML and Know Your Customer (KYC) requirements in the country.
Many lawmakers have opposed and are still against the use of cryptocurrencies and want to stop the use of all these digital currencies as the terrorists can exploit them. Two senators have proposed to accept and adopt Bitcoin as the official currency of the country to boost the country’s financial competitiveness.