Australian government proposes bill to regulate cryptocurrency

Australia’s Parliament has posted an amendment to the Anti-Money Laundering and Counter-Terrorism Financing Act.

The bill aims to regulate the exchange of digital currencies under Australian law.

Among these changes is the establishment of a Digital Currency Exchange Register, which requires all cryptocurrency exchanges operating in the country to register through the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Operators of cryptocurrency exchanges in Australia who don’t register through AUSTRAC could face a minimum of two years imprisonment or an AUD$50,000 fine.

Repeat offenders could be subject to seven years imprisonment or a fine of AUD$200,000.

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Australian government proposes bill to regulate cryptocurrency