Eng - 中文

Mr. Crowd News   |  Market

Australia moves to regulate cryptocurrencies

By Mr. Crowd 18 Aug 201721:38




Australia’s justice minister Michael Keenan


In light of a recent wake of a financial scandal involving the Commonwealth Bank of Australia, Australia’s biggest bank, digital currencies such as bitcoin are going to be regulated and Australia’s anti-money laundering laws are to be strengthened as new legislation being put in place.

Earlier this month, Austrac, Australia’s financial crime fighting agency, initiated a civil legal action against the Commonwealth Bank of Australia for alleged breaches of laws on money laundering and the financing of terrorism, where CBA was accused of more than 50,000 breaches of existing legislation. Reforms of the law would bolster the enforcement and investigation powers of Austrac.

“Stopping the movement of money to criminals and terrorists is a vital part of our national security defences and we expect regulated businesses in Australia to comply with our comprehensive regime,” said Michael Keenan, Australia’s justice minister. He also made sure that the new regulations would not hinder legitimate financial sectors while enabling authorities to deal with the financing of terrorism and the threat of organised crime. Regulatory relief will be provided annually to industry through the deregulation of low-risk industry sectors.

Putting cryptocurrencies under regulation by Australia’s authorities follows a similar move by Japan. Under new rules introduced by Japan, cryptocurrencies exchanges or money transfer businesses that are in operation must be under regulatory supervision of the Japan Financial Services Agency by October 1st, 2017.

Japan’s decision to regulate bitcoin can be related to the 2014 bankruptcy of Mt Gox, the world’s cryptocurrencies exchange at that time. At today’s price, almost $3.5 billion worth of bitcoins disappeared before Mt Gox’s demise. By regulating bitcoin, Japan became the first national government to officially recognize bitcoin as a legal method of payment.

With Australia’s move to regulate cryptocurrencies, it further reinforce the legitimacy of bitcoin as a legal method of payment. Are the other national governments going to follow suit?




Disclaimer:

Market news (the Market News) is not intended as investment advice and must not be relied on as such.

To the maximum extent permissible by applicable law, Mr. Crowd assumes no liability or responsibility whatsoever for any errors or omissions in the Market News. Mr. Crowd does not endorse or represent the reliability or accuracy of the Market News. Mr. Crowd shall not be liable for any investment decisions made based upon the Market News.

The Market News may contain hyperlinks to external websites or web pages for which Mr. Crowd is not responsible.

Copyright exists in the Market News may belong to Mr. Crowd, to the authors, or to any other parties depending on the circumstances. Reproduction, distribution, use and/or linking without consent from the relevant parties is not permitted.

If you believe or are aware that any information contained in the materials is inaccurate, erroneous, unlawful, obscene, defamatory or infringes any intellectual property rights of a third party, please contact Mr. Crowd by email at: cs@mrcrowd.com.



Invest
$100
on US Startups

Register Now
Uni-boil MP Inc. (UNI)
raising up to $107,000
Regulation:Regulation CF
Securities Type:Common Stock
Share Price:$10.00

to go
Success By Media LLC (SBM)
raising up to $1,000,000
Regulation:Regulation CF
Securities Type:Common Stock
Share Price:$4.00

to go


Trending
40% Gain Within a Week, Bitcoin Above $16,000
Tether Claims US$30 Million Worth of Token Stolen
House Passes Corporate Tax Cut, From 35% to 20%



About Mr. Crowd Crowdfunding One-Stop Service Terms of Use Fees and Charges Privacy Policy Cookie Policy The Mr. Crowd University Contact Us


IMPORTANT LEGAL NOTICE: Ksdaq Inc. owns and operates Mr. Crowd (www.MrCrowd.com), a funding portal (the "Funding Portal") registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA) [FINRA Funding Portal Members]. By accessing the Funding Portal and any pages on the Funding Portal, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time without notice or liability. Securities offerings posted on the Funding Portal are limited to Regulation Crowdfunding, Regulation A and Regulation D offerings.
  • Regulation Crowdfunding offerings on the Funding Portal are conducted through Ksdaq Inc.
  • Regulation A and Regulation D offerings on the funding portal are not conducted through Ksdaq Inc.
  • Regulation A and Regulation D offerings are for informational and solicitation of interest (testing the waters) purposes only.
  • Investors must acknowledge and accept the high risks associated with investing in private securities offerings. These risks include holding your investment for periods of many years with limited ability to resell, limited access to periodic reporting, and losing your entire investment. You must have the ability to bear a total loss of your investment without a change in your lifestyle. Funding Portal is only required to conduct limited due diligence on each Issuer and does not in any way give investment advice, provide analysis or recommendations regarding any offering posted on the Funding Portal. Past performance is not indicative of future performance. All investors should make their own determination of whether or not to make any investment in an offering, based on their own independent evaluation and analysis and after consulting with their financial, tax and investment advisors. Prior to making any investment, you will be required to demonstrate your understanding of the speculative nature of investing in such private securities. The securities offered on this Funding Portal can only be marketed in jurisdictions where public solicitation of offerings are permitted; it is solely your responsibility to comply with the laws and regulations of your country of residence. You are strongly advised to consult your legal, tax and financial advisor before investing.

    You can learn more about investing in crowdfunding from the SEC, FINRA or NASAA.

    1000 Corporate Center Drive, Suite 310, Monterey Park, CA 91754


    Copyright © 2017 Ksdaq Inc.