|
Mr. Crowd News |  Market
Australia moves to regulate cryptocurrencies By Mr. Crowd 19 Aug 20171:38 | ||||||||||
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
|
Copyright © 2024 Ksdaq Inc. |