australia to regulate virtual currency exchanges like bitcoin
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Australia to regulate virtual currency exchanges like Bitcoin

Arab Today, arab today

Arab Today, arab today Australia to regulate virtual currency exchanges like Bitcoin

Australia is set to regulate virtual currency
Australia - Arab Today

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.
It follows similar reforms by Japan to regulate virtual currency, after the country found itself at the epicentre of a multi-million dollar embezzlement scandal following the collapse of the Tokyo-based MtGox Bitcoin exchange.
"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," Justice Minister Michael Keenan said Thursday.
He added that the digital currency exchange sector was being regulated for the first time, while low-risk industries such as cash-in-transit would be subject to fewer regulations.
Virtual currency has grown rapidly since the 2009 launch of Bitcoin, and there are now more than 100 crypto-currency options.
But the sector has suffered from highly publicised scandals like the 2014 collapse of MtGox.
Backers say virtual currencies offer an efficient and anonymous way to store and transfer funds online.
But critics argue the lack of a legal framework governing the currency, the opaque way it is traded and its volatility, make it dangerous.
 Explore further: Top EU court rules Bitcoin exchange tax-free in Europe

source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia to regulate virtual currency exchanges like bitcoin australia to regulate virtual currency exchanges like bitcoin

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia to regulate virtual currency exchanges like bitcoin australia to regulate virtual currency exchanges like bitcoin

 



GMT 09:27 2017 Monday ,13 February

Wahat Al Karama opens doors to public

GMT 03:42 2017 Sunday ,07 May

Kanye West exits social media

GMT 10:22 2017 Tuesday ,31 October

China agency denies dead model

GMT 14:57 2017 Monday ,30 October

NATO chief calls N. Korea 'global threat'

GMT 04:22 2018 Thursday ,20 September

German Pavilion to engage, inspire at Expo 2020

GMT 21:51 2016 Tuesday ,06 September

Darfur celebrates end of transitional authority

GMT 10:43 2014 Saturday ,31 May

Wonderful boys bedrooms interior design

GMT 07:45 2016 Monday ,22 August

Anti-Israel military parade staged in S Gaza strip

GMT 16:48 2017 Monday ,11 September

Arab actors managed to overcome challenge of addiction

GMT 10:59 2016 Tuesday ,01 November

China aircraft market to hit nearly $1tn in 20 years

GMT 17:09 2017 Friday ,04 August

President Putin to consider running for new term

GMT 19:11 2017 Tuesday ,26 September

UAE to open its first nuclear reactor in 2018

GMT 01:13 2016 Monday ,28 November

Financial markets to close on Thursday December 1

GMT 01:41 2017 Wednesday ,12 July

Fighting erupts in Tripoli, 3 killed: NTC

GMT 10:42 2017 Thursday ,31 August

Push on with development process stressed

GMT 20:24 2017 Thursday ,09 February

Salary scale a social and economic necessity

GMT 02:04 2016 Tuesday ,21 June

Russian football fan agitator held
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday