Senior Research Fellow
RMIT Blockchain Innovation Hub
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 was passed on December 13, requiring the same regulatory checks to be placed on cryptocurrency as on any other currency under Australian law. Digital currency exchanges must now register with the AUSTRAC CEO, and as such are subject to the full extent of AUSTRAC’s AML/CTF regulations. The legislation also bans digital currency services which are not provided by a registered exchange, with fines of up to $77,000 and gaol time of up to two years for individual breaches. This session will discuss the implications of the legislation in the fight against cryptocurrency-enabled fraud, and the threats and opportunities that these new technologies present for firms and governments.
- Will legislation make cryptocurrency a viable product offering?
- Regulating cryptocurrency to reduce avenues for ML/TF
- Making sense of legislation to better understand emerging tech trends