{"id":144632,"date":"2024-12-12T18:30:46","date_gmt":"2024-12-12T16:30:46","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=144632"},"modified":"2024-12-12T15:06:36","modified_gmt":"2024-12-12T13:06:36","slug":"australia-targets-crypto-industry-with-stricter-rules","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/australia-targets-crypto-industry-with-stricter-rules\/","title":{"rendered":"Australia Targets Crypto Industry with Stricter Rules"},"content":{"rendered":"<p>The Australian Transaction Reports and Analysis Centre (AUSTRAC) has<strong><a href=\"https:\/\/www.austrac.gov.au\/business\/consultation-industry\/public-consultation-new-amlctf-rules\"> laid out<\/a> <\/strong>plans to strengthen oversight, targeting high-risk industries like crypto exchanges, real estate, and legal services. This comes after recent updates to the country\u2019s Anti-Money Laundering and Counter-Terrorist Financing (AML\/CTF) framework, reflecting an ongoing push to bring the crypto sector under more stringent control.<\/p>\n<p>One of the central aspects of these new rules is the enhanced customer due diligence (CDD) requirements for businesses. Firms in high-risk sectors, including crypto services, will be required to verify identities, track suspicious transactions, and maintain greater transparency in cross-border asset movements.<\/p>\n<p>Additionally, AUSTRAC is looking to implement stricter measures for international transfers and a refined approach to the &#8220;Travel Rule,&#8221; aiming to ensure compliance across borders.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/could-stablecoins-strengthen-the-us-dollar-and-challenge-bitcoins-dominance\/\" title=\"Could Stablecoins Strengthen the US Dollar and Challenge Bitcoin&#8217;s Dominance?\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/dollarbtcusdbitcoin-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Could Stablecoins Strengthen the US Dollar and Challenge Bitcoin&#8217;s Dominance?<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>In an effort to reduce burdens on businesses, the proposed framework includes an outcomes-based compliance model. This will allow businesses to design their compliance strategies based on their risk profile, size, and business structure, rather than adhering to one-size-fits-all mandates. The goal is to improve efficiency while maintaining high standards to mitigate the risk of illicit activity.<\/p>\n<p>AUSTRAC has opened the consultation process, inviting feedback from stakeholders, including financial institutions and crypto exchanges, which will be reviewed until February 14, 2025. This latest initiative follows a series of regulatory steps, including the creation of a task force focused on regulating crypto ATM providers to prevent their use in illicit activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia is tightening its grip on cryptocurrency regulation with new proposals aimed at preventing financial crimes such as money laundering and terrorist financing.<\/p>\n","protected":false},"author":9,"featured_media":27556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-144632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia Targets Crypto Industry with Stricter Rules<\/title>\n<meta name=\"description\" content=\"Australia is tightening its grip on cryptocurrency regulation with new proposals aimed at preventing financial crimes such as money...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptodnes.bg\/en\/australia-targets-crypto-industry-with-stricter-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia Targets Crypto Industry with Stricter Rules\" \/>\n<meta property=\"og:description\" content=\"Australia is tightening its grip on cryptocurrency regulation with new proposals aimed at preventing financial crimes such as money...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptodnes.bg\/en\/australia-targets-crypto-industry-with-stricter-rules\/\" \/>\n<meta property=\"og:site_name\" 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