The Australian Transaction Reports and Analysis Centre (Austrac) has now officially registered 246 cryptocurrency exchanges. Pro-regulation industry participants have described the move as a key step towards legitimizing crypto assets. The registration process includes performing background checks and other anti-money laundering procedures on the entities involved.
Austrac Says Regulation Will Curb Money Laundering and Terrorism Financing
Australia amended its anti-money laundering and counter-terrorism laws last year, making it a requirement for digital asset exchanges to register with Austrac, the country’s top financial intelligence agency.