Australia is set to regulate Bitcoin all thanks to news that the Australian parliament will vote on a new bill to further strengthened the country’s anti-money laundering laws.
What is this new law all about?
This new anti-money laundering law is expected to create a balance in the Australian digital currency scene. It proposes that all bodies who provide digital currency exchange services need to be registered with the government.
"Businesses that trade digital currencies for money, and vice versa, will be required to enroll and register with AUSTRAC," Justice Minister Michael Keenan had said in a Parliamentary speech about the bill in August.
AUSTRAC, Australian Transaction Reports and Analysis Centre, is an Australian government agency dedicated to money laundering and counter-terrorism financing. It is established to identify threats and criminal abuse of the financial system and act to protect Australia's economy.
Acceptance of digital currency in Australia
This would naturally mean that Australia will not ban digital currencies, but it will take a cautious approach towards them instead. We have seen countries like China go from tolerating digital currencies to shutting down ICOs and finally ending the existence of exchanges.
Combating digital currency crimes in Australia
One of the primary reasons Australia wants to regulate its digital currency environment is the fact that virtual currencies such as Bitcoin are being used by crime groups. With no regulation and the anonymity of the people behind such transactions, they can easily remain undetected while performing illicit business such as arms dealing, drugs and other unhealthy stuff online.
A boost for the Australian economy
With stringent regulation, it is hoped that the doors will be opened for legal digital currency exchanges to thrive. As more people get on board with Bitcoin in their daily lives, this could indirectly boost Australia’s economy as well.
Category: Team WhaTechCompany profile: Tech junkie by profession and passionate about anything from the digital world, movies, games and reading. He loves writing and hopes you enjoy his writing as much as he does. Eza, is also known as Don in the virtual world, but don’t him me wrong, he's not a mafia type he's really a nice chap and a devout family guy.