New Australian rules governing virtual currency exchanges came into effect last week, and despite a gentle on-ramp for enforcement, a raft of exchanges have already sought and gained approval.
From April 3 virtual currency exchanges in Australia were required to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), and became subject to a bevy of accompanying anti-money laundering (AML) and counter-terrorist financing (CTF) reporting requirements.
AUSTRAC told PaymentsCompliance that 20 applications have been received so far, most of which are still being processed.
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