The Australian government is taking significant steps to combat the criminal use of cryptocurrency and will be tightening regulations around crypto ATMs. This initiative comes from the Australian Transaction Reports and Analysis Centre (AUSTRAC), which has proposed a robust task force aimed at monitoring and controlling the use of cryptocurrency ATMs across the country. The agency’s move is a direct response to the increasing reports of cryptocurrency being used for money laundering and other illegal activities. AUSTRAC’s Chief Executive Officer, Nicole Rose, emphasized the importance of these measures, stating, “The Australian community deserves to have confidence in our financial system, and we are committed to protecting it from criminal exploitation.” Beyond just ATM regulations, this task force will focus on creating more stringent compliance protocols for crypto businesses and developing better methods for tracking and identifying suspicious activities. In addition, the regulatory changes are viewed positively by some in the crypto industry, particularly for fostering a safer environment for legitimate cryptocurrency transactions. Proponents like Monero and Lunex Network view these changes as potentially bullish news for their futures in the Australian market. The upcoming regulations are expected to be articulated further by mid-2024, providing a clearer framework for cryptocurrency operators within Australia.
Australia Plans to Tighten Regulations on Cryptocurrency Use and ATMs
