Bitcoin users continues to increase. This year, the value of this digital currency has increased dramatically, raising the interest of many investors in the world. The governments are determined to try to regulate the way in which users exchange their crypto-currencies.
For this reason, australian investors should now expect that their service providers are focusing more on compliance with the regulations in force.
Check out below the video detailing this announcement :
Regulations aiming to follow the market of Bitcoin
The legislators of australia have ratified the new legislation on the exploitation of the trade of Bitcoins in the country. The project e act of 2017 on the fight against money laundering and the financing of terrorism, the visa is to update the financial framework regulatory of Australia for the era of Bitcoin. Presented for the first time in August by the Senate, the draft law empowers the Austrac (analysis Centre of financial transactions in Australia) the power to regulate formally the site of trading of Bitcoins. Now, all the exchanges in the country must be registered with the Agency of financial intelligence for the government.
Gerd Altmann, Pixabay
Offer your services as an exchange for crypto-currencies without being registered with Austrac is now regarded as a criminal offence. The non-compliance with the new law results in a minimum sentence of two years imprisonment and a fine of 105 000 australian dollars. The maximum penalty is 7 years imprisonment and 420 000 australian dollars fine. These penalties relate to individuals. For businesses, the fine is $ 2.1 million australian dollars.
A first step for the regulation of Bitcoin
Registration with the Agency of financial intelligence will help the organization to follow the evolution of the market of Bitcoin. The companies specializing in the field must now show that they are actively pursuing plans to find and solve the risks of money laundering. The service operators are required to verify the identity of their customers and report all suspicious activities.
Source : NewsBitcoin