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ARTICLE · 30 AUGUST 2017

Australian Government Moves To Regulate Digital Currency Exchanges Is Canada Next?

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These measures ensure there is nowhere for criminals to hide.

CanadaGovernment, Public Sector
Matt Gold
Matt Gold
Gregory Hogan
Gregory Hogan
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On Thursday, August 17, 2017, the Australian government proposed a set of reforms aimed at regulating the purchase and sale of digital currencies on online exchanges, in an attempt to deter individuals from using these currencies for illicit purposes such as money laundering and the financing of terror-related activities.

The new legislation, if passed, will bring digital currency exchanges under the purview of the Australian Transactions and Reporting Analysis Centre (AUSTRAC). AUSTRAC serves as Australia's financial intelligence agency, with regulatory responsibility for anti-money laundering and counter-terrorism financing.1

Under the new legislation, a digital currency would be defined as:

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