From 3 April 2018, all businesses providing Digital Currency Exchange (DCE) services in Australia are regulated under new laws.
As part of these new laws, businesses that provide these services must be registered to do so.
DCE businesses are required to meet AML/CTF obligations, including:
- adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
- identifying and verifying the identities of their customers
- reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
- keeping certain records for seven years.
CoinSpot submitted its application to AUSTRAC and we are pleased to announce that we have been successful. CoinSpot is now registered to provide digital currency exchange services in Australia.
This is a big step for the industry in Australia and we are excited to be a part of it.