- AUSTRAC reveals that using cryptocurrencies for illegal purposes is increasing in Australia
- The report insists on the need for obligatory registration of crypto exchanges according to AUSTRAC under the AML/CTF Act and fines for non-compliance
AUSTRAC’s latest report on using cryptocurrencies in criminal activity says some disappointing things.
According to their findings, while traditional money laundering methods such as cash, real estate, and luxury goods remain popular in Australia, the popularity of cryptocurrencies is growing rapidly.
This is made possible by cryptocurrencies’ advantages when used in an under-regulated environment, namely decentralization and possible anonymity.
What Does AUSTRAC Offer?
Australian companies have recently banned the use of cryptocurrencies and credit cards for online gambling, with fines of up to A$234,750.
AUSTRAC insists that stricter regulation and mandatory registration of crypto exchanges must be implemented if they wish to operate in Australia so that they also comply with the AML/CTF Act.
What Does This Mean?
While Australia is keeping pace in the crypto world, there are still unregulated areas. Their regulation should help further the adaptation of crypto in Australia and its growing importance as one of the key crypto holders and crypto-friendly jurisdictions.
