While many countries choose to remain confused and illiterate about the crypto world, Australia came up with a truly impressive move. Through its financial intelligence agency AUSTRAC (Australian Transaction Reports And Analysis Center), Australia has now made it mandatory for Digital Currency Exchanges (also known as Crypto Currency Exchanges) to record and report specific information.
The press has reported time and again about, the fear of terrorist activities being funded through crypto currencies. We have also heard how digital currencies are being used to facilitate money laundering. GLITZKOIN does not argue about the misuse of crypto currencies but, does not agree with the fact that they should be banned or shunned out altogether.
Interestingly it is the current banking system, financial institutions and less than honest government staff, in the conventional system, that have allowed money laundering and terror funding. Admittedly, policies are evolving to stem this malice but, no one seems to have thought about globally banning financial institutions and banks altogether. The same holds true of the cryptocurrencies, countries need to harness their benefits while at the same time, formulating policies to eliminate misuse.
Back to the AUSTRAC role to control the use of digital currencies, here is brief roundup. Digital Currency Exchanges with a business operation in Australia, will now have to register with AUSTRAC. Existing crypto exchanges have been given until 14 May 2018 to comply with the regulation. Exchanges will be required to maintain records of customer identity, transactional information and report suspicious activity to the authorities. More specifically, transactions with a value of 10,000 AUD or more, will need mandatory reporting.
AUSTRAC is of the firm opinion that, such regulation will allow active control against serious crime and terrorism. A number of Australian crypto and finance experts share the view voiced by GLITZKOIN. The regulation will not only bring discipline into crypto transactions but also, impart confidence to participants implying, both buyers and sellers of cryptos.
The Australian crypto currency regulation seems to have come at the right time. There is a clear indication that digital currencies will gradually become a part of the regular financial system, there is no stopping this trend. Mindless blockading will only encourage the development of unorganized digital currency markets. In such a scenario, monitoring important factors like terror funding and organized crime will become virtually impossible.
There are some awesome benefits that crypto currencies have to offer. It would be sad if the general public is deprived of these benefits just because, their governments indulge in feet dragging and choose the easy way out.
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