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Australia sets Mid-May as deadline for registration of cryptocurrency exchanges

Australia sets Mid May as deadline for registration of cryptocurrency exchanges

Australian Transaction Reports and Analysis Centre (AUSTRAC) have implemented their new guideline which now mandates the domestic cryptocurrency exchanges to register with the authority before mid-May this year.

In an announcement made on Wednesday, the Australia Transaction Reports and Analysis Centre (AUSTRAC) reminded cryptocurrency exchange operators of their obligation for compliance with the authority after new regulations have kicked from April 3.

The first crypto-currency regulatory laws for Australia's cryptocurrency sector were fast-tracked as the Australian Senate passed legislation in late 2017.

"These rules come into effect immediately and the DCEs (Digital Currency Exchanges) with a business operation located in Australia must register with the Australian Transaction Reports and Analysis Centre and satisfy the Government's AML/CTF compliance and reporting obligations," the authority asserted on Wednesday.

It also added that the deadline for transition period until 14 May 2018 for allowing current DCE business time for registration.

The registered crypto exchange operators will be required to follow the KYC (Know Your Customer) norms for establishing an identity of the customer, flag suspicious transactions and to monitor them . Further, it would be reported to the AUSTRAC.

AUSTRAC suggests that the new rules would empower compliance and intelligence capabilities of the agency for helping the crypto-exchange operators for introducing systems that would minimize money laundering and terrorism financing risks.

It also asserted that the transactions involving cash over AUD$10,000 would be reported.

Australia followed the lead of Japan and initiated regulation of cryptocurrency exchanges under existing AML and CTF laws in August last year. Japan had also earlier introduced its own guidelines for the sector last year.