Australia May Introduce A Stricter Crypto Regulation

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Australia has suggested more stringent measures to combat financial crime through the implementation of stricter Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) rules, proposed by the Australian Transaction Reports and Analysis Center (AUSTRAC).

These rules were introduced following recent amendments to the AML/CTF Act, with the goal of closing regulatory loopholes, improving supervision of high-risk sectors and enforcing more rigorous reporting requirements.

AUSTRAC has opened the draft rules for public consultation until February 14, 2025.

They are seeking input from industry stakeholders, particularly those in the cryptocurrency and financial services sectors, to help shape the final version of the regulations.