Bitcoin is a step closer to being organized in Australia. Parliament expects this week to vote on legislation to strengthen the country’s anti-money laundering laws.
The value of the controversial cryptocurrency reached its all-time high on October 21, with every Bitcoin trade at 7,467 Australian dollars (or $ US6,149).
The price was almost ten times that of last October, when each unit was worth 803 Australian dollars (or $ US630). But even at a lower price, many people think the digital currency is “too high”.
If new laws are passed, the AUSTRAC intelligence regulator will be given new powers to colonize the digital currency exchange – where traders buy and sell Bitcoin, Ethereum and other virtual currencies.
These exchanges such as the Independent Reserve and BTC Markets need to be registered under this new rule. This will also prevent violations of “unregistered persons” seeking to provide digital currency exchange services.
Businesses that trade digital currencies with money or vice versa will be required to register and register with AUSTRAC, “Justice Minister Michael Keenan said in a parliamentary speech on the bill in August.
Keenan said that the virtual currency business needs to build, implement and maintain anti-money laundering and anti-terrorism financing programs.
In addition, they must report threshold transactions and suspicious items to AUSTRAC as well as create and keep records accordingly.
This is a much smoother approach compared to Chinese policy, which prohibited Initial Coin Offering (ICO) last month – a move that caused Bitcoin’s value to fall by more than US $ 1,000 to US $ 3,226 (on 14 September). But now, Bitcoin bounce back and stay afloat, given its users have spread in various countries in the world.