66 new additions in a year, 321 Australian registered cryptocurrency exchanges

An increasing number of cryptocurrency exchanges have been registered with the Australian crypto regulator. A spokesman for the government agency responsible for regulating the cryptocurrency industry confirmed on Monday that the agency has registered 312 crypto exchanges.

crypto

312 exchanges registered

The Australian Transaction Reporting and Analysis Centre (AUSTRAC), the country's financial intelligence and anti-money laundering regulator, has been monitoring the crypto industry since April 2018. A spokesman for the regulator said:

"Since April 2018, AUSTRAC has regulated digital currency transaction providers to minimize the risk of criminals using them for money laundering, terrorist financing and cybercrime."

"At present, there are 312 digital currency dealers registered with AUSTRAC."

A spokesman for the regulator said that this latest figure means a 27% increase in the number of cryptocurrency exchanges, or 66. Last February, 246 entities were registered with AUSTRAC.

Australian crypto regulatory framework

The spokesperson further explained that Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires digital currency transaction providers to formally register in Australia and implement anti-money laundering and counter-terrorism financing controls within their business. According to the agency's website:

"If you are a digital currency trading provider, you must register with AUSTRAC to provide digital currency trading services. It is illegal to provide digital currency trading services in Australia without registration."

If a registered crypto exchange fails to fulfill its anti-money laundering and anti-terrorist financing obligations, AUSTRAC can take steps to enforce compliance and impose penalties.

To date, the regulator has cancelled the registration of three companies: Webpark Pty. Ltd., Auscoin ATM Pty. Ltd., and ACN 625 238 735 Pty. Ltd. In addition, the registration of Cryptocurrency Transaction Machines Pty. Ltd. has been suspended. Three other companies have been refused registration. However, the regulator did not release a list of approved crypto exchanges.

At the same time, the Australian Securities and Investments Commission (ASIC) oversees crypto assets and tokens, which are defined as financial products, including companies that raise funds through ICOs. Australian securities laws may require relevant cryptocurrency companies to hold an Australian financial services license, which is required to conduct financial services business in the country.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Long text: the change of the encrypted asset exchange and the risk challenge

Encrypted asset exchanges, like traditional exchanges, are products that develop to a certain period of time. With th...

Blockchain

BiClub realizes full automation of OTC platform and helps build a large-scale digital asset financial service system

In the early hours of Beijing time yesterday, BiClub ( www.biclub.io , WeChat biclubcom) team has completed a key ste...

Blockchain

Clear out while the time is right? FTX and Alameda-related addresses recently transferred $30 million worth of assets.

In September, FTX was approved for liquidation and has been frequently withdrawing large amounts of assets in the pas...

Blockchain

SBF Trial Week 3 Former FTX Head of Engineering Nishad Singh appears in court, confesses to embezzling user funds for political donations.

With the appearance of former FTX Engineering Director Nishad Singh, the third week of SBF's trial has begun. Singh's...

Blockchain

The real life of the owner of the exchange: the horror of the thief, the night can not linger

Xu Mingxing once dreamed that someone had kidnapped him and asked him to hand over Bitcoin. Awakened in his dream, he...

Market

Exclusive Interview with Yuga Labs We are more like Tencent of Web3, constantly changing the rules of NFT games

During the Token2049 conference, BlockBeats reporter had a conversation with Daniel Alegre, the CEO of Yuga Labs, dis...