Australia is in phase of regulation of the market of Bitcoin

The australian Parliament is expected to vote this week on a bill aimed at strengthening anti-money laundering. This will also make a further step towards the regulation of Bitcoin in Australia.

Elekhh, Wikimedia Commons

On 21 October, the value of this digital currency has reached its highest level, trading at more than 6 us $ 149. This year, the price of Bitcoin has increased nearly 500 %. Moreover, many scientists think that its value will still increase and reach 10 000 dollars.

The proposed law

If the new measures are adopted, the regulator, AUSTRAC will have new powers to control the trade of crypto-currencies in the country. The companies specialized in the trade of crypto-currencies, such as BTC, will need to comply with the new arrangements put in place. Companies that do not follow this new regime will be operating in illegality.

Indeed, companies trade in digital currencies must register with AUSTRAC, said the minister for Justice, Michael Keenan. These businesses will have to establish, implement and maintain a program of fight against money laundering and the financing of terrorism, he said. They will have the obligation to notify the regulator of any type of fraudulent transactions. It is a more flexible approach compared to that of China, which has banned the ICO last month.

The crypto-currencies and the crime

CACL (Australian Criminal Intelligence Commission) has been a strong advocate of the regulation of crypto-currencies. This authority has explained in its report on organised crime in Australia, the virtual currency, such as bitcoin, are increasingly used by organized criminal groups.

These crypto-currencies can be used on markets such as Silk Road 3.0, and the Valhalla Marketplace. On the other hand, they are also the currency of choice when it comes to cyber-attacks, he added.

Source : ABC