Australia to regulate virtual currency exchanges like Bitcoin


  • TECH
  • Monday, 21 Aug 2017

Virtual currencies offer an efficient and anonymous way to store and transfer funds online.

Australia is set to regulate virtual currency exchanges such as Bitcoin and strengthen the powers of its financial intelligence agency Austrac as it cracks down on money laundering and terrorism financing. 

The changes came two weeks after Austrac took the country's biggest bank, the Commonwealth, to court for alleged "serious and systemic non-compliance" of money laundering and terror financing laws.

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