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The Australian government said the threat of financial crime is constantly evolving as it introduced new measures targeting criminal use of the cryptocurrency and strengthened the Anti-Money Laundering And Counter Terrorism Financing Act. <\/p>\n
Under the reforms, currency exchange providers of digital money, such as the bitcoin and ethereum, will be brought under the remit of the Australian Transactions and Reporting Analysis Centre (AUSTRAC). <\/p>\n
The investigative and enforcement powers of the financial intelligence agency will also be strengthened as part of the changes. <\/p>\n
Australia's Minister for Justice Michael Keenan said: \"Stopping the movement of money to criminals and terrorists is a vital part of our national security defences and we expect regulated businesses in Australia to comply with our comprehensive regime. <\/p>\n
\"The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. <\/p>\n
\"These measures ensure there is nowhere for criminals to hide.\" <\/p>\n
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A stock market crash is a sudden dramatic decline of stock prices <\/p>\n
China has already made similar moves and promised to shut exchanges that were found to violate anti money-laundering regulations. <\/p>\n
It is seen as a positive move for the cryptocurrencies as it helps brings them into the mainstream. <\/p>\n
New rules in Japan mean bitcoin is now considered a legal currency. <\/p>\n
Aurlien Menant, founder and CEO of Gatecoin, told CNBC: \"It signifies the growing recognition of bitcoin and other cryptocurrencies as influential value transfer protocols by governments. <\/p>\n
\"Compliance with AUSTRAC policies will weed out the crooks and ensure that only serious bitcoin businesses are able to serve the market.\" <\/p>\n
It comes after bitcoin's value smashed through the $4,000 mark this week to hit a fresh record high. <\/p>\n
The Australian Digital Currency & Commerce Association said the government reforms will help provide regulatory certainty to digital currency businesses. <\/p>\n
However, members of the crytocurrency community who want to remain anonymous are likely to be against the move to further regulate the sector. <\/p>\n
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Bitcoin latest news: Australia crackdown on cryptocurrency funding terrorism - Express.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" GETTY The Australian government said the threat of financial crime is constantly evolving as it introduced new measures targeting criminal use of the cryptocurrency and strengthened the Anti-Money Laundering And Counter Terrorism Financing Act. Continue reading