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ARTICLE · 24 MAY 2024

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AML Reforms Part 2: Digital Currency Service Providers

K&L Gates
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The Australian Attorney-General's Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia's anti-money laundering and counter-terrorism financing...

AustraliaTechnology
Daniel Knight
Daniel Knight

The Australian Attorney-General's Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime.

This post (the second in our series) considers the Department's proposals related to digital currency service providers, as outlined in Paper 4: Further information for digital currency exchange providers (DCEPs), remittance service providers and financial institutions (Paper 4) (see here).

Capturing All Digital Currency-related Service Providers

In addition to digital currency exchanges (DCE) that exchange cryptocurrency for fiat currency (and vice versa), the Department proposes also to capture digital asset service providers that provide the following services:

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