Sentences with phrase «australian digital currency businesses»
The Australian Digital Currency Association, ADCA, which represents most Australian digital currency businesses, has welcomed the move to formally regulate the digital currency sector that requires digital currency exchanges to register with AUSTRAC and meet AML policy and reporting obligations.
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The Australian government explains that it has taken the same approach that countries such as the United States, United Kingdom, and Canada have taken regarding digital currency businesses because it will facilitate innovation and follow guidance issued by the Financial Action Task Force — the international regulator for preventing money laundering, terrorism financing, and other dangers that hinder the world's financial system.
First, the Australian government has made a recommendation for an amendment to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 that would allow the Australian Transaction Reports and Analysis Centre to regulate businesses that use digital currencies in order to combat anti-money laundering (AML) and counter-terrorism financing (CTF).
From now on, Australian digital currency exchange businesses will be required to register and comply with anti-money laundering / counter-terrorism financing (AML / CTF) laws.
From now on, Australian digital currency exchange businesses will be required to register and comply with anti-money laundering / counter-terrorism...
Australian Treasury in a statement said that this plan would further «cement Australia's reputation as a global fintech centre.The Bill will make it easier for new innovative digital currency businesses to operate in Australia, as the government takes action to boost jobs and wages.»
From now on, Australian digital currency exchange businesses will be required to register and comply...
As reported earlier this year, the Australian Treasury has eliminated a goods - and - services tax on bitcoin purchases, an act that the Australian government noted will foster digital currency business development in the country.
The Australian Securities and Investment Commission (ASIC) released a report today outlining action taken when businesses deal with digital currency such as Bitcoin in response to a senate inquiry.
In an announcement today, the Australian Transactions and Reporting Analysis Centre (AUSTRAC) has told domestic DCE (digital currency exchange) businesses of their mandatory requirement to meet anti-money laundering and counter-terrorism financing (AML / CTF) obligations that go into effect today, April 3, 2018.
Two majors factors which drove startups, exchanges and businesses dealing with Bitcoin and other digital currencies in Australia away from the country where the termination of banking services by leading Australian banks due to their anti-competitive nature and the double taxation of Bitcoin trading by the Australian government.