Australia Crypto Currency Exchanges must register

AUSTRALIA: Cryptocurrency exchanges must register with AUSTRAC this week

Cryptocurrency exchanges in Australia must now follow money laundering rules published by the Australian Transaction Reports and Analysis Centre (AUSTRAC). They must verify the identities of customers, report suspicious matters and transactions involving physical currency of AUD10,000, and keep records for seven years. A six-month grace period is allowed during which AUSTRAC will only take enforcement action if a business fails to take reasonable steps to comply, although they must register by 14 May 2018.

Hogan Lovells