Join Our Mailing List
Tuesday October 03, 2023
Bitcoin (BTC) $27,613.40   Ethereum (ETH) $1,666.78
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Regulation

Australian AML regulation unlocks safe growth of cryptocurrency

Published by CryptoNinjas.net
12/07/2017
Australian AML regulation unlocks safe growth of cryptocurrency

The Australian Digital Currency Association, ADCA, which represents most Australian digital currency businesses, has welcomed the move to formally regulate the digital currency sector that requires digital currency exchanges to register with AUSTRAC and meet AML policy and reporting obligations.

ADCA CEO, Nicholas Giurietto, said “ADCA has been calling for formal regulation of digital currency businesses in Australia since its inception and has been pleased to work with the Australian Government in an extensive consultation process to help ensure that not only the legislation but also the detailed regulation that will follow is as effective as possible.”

“ADCA is proud of the fact that our members have been voluntarily adhering to AML/CTF protections for several years ahead of today’s legislation and have adopted a consistent, best-practice approach through the Australian Digital Currency Industry Code of Conduct. This will make the transition to the formally regulated environment straight-forward for ADCA members as they already apply AML/CTF safeguards.”

Ron Tucker, co-founder of BitTrade, Australia’s first digital currency exchange, and ADCA Board Chairman, said “Today’s legislation means that the digital currency sector faces an equal regulatory playing field with other industries. It combines appropriate AML/CTF protections with business certainty for a growing and dynamic sector.”

Giurietto added, “Today’s legislation is an important milestone in the growth of a new industry. Importantly, it will give the banking sector the confidence of knowing that digital currency exchanges are now regulated under AML/CTF provisions essentially identical to their own. This should mean that banks can now enter into stable commercial partnerships with digital currency businesses that benefit all parties.”

Increasing Consumer Confidence

Regulation of the digital currency sector under AML/CTF legislation is an important step in the maturity of the industry, however, as this legislation is concerned only with AML/CTF issues it does not address other factors such consumer protections.

ADCA CEO, Nicholas Giurietto, encouraged consumers thinking of doing business with a digital currency exchange to look to businesses certified under ADCA’s Digital Currency Industry Code of Conduct.

“ADCA members who have been certified under our Digital Currency Industry Code of Conduct have obtained externally audited proof that they have implemented best-practice consumer protections. These include password protection and data security policies, transparent pricing, privacy protections and membership of an external dispute resolution scheme.”

“After the passage of today’s legislation, consumers doing business with ADCA Certified Digital Currency Businesses can do so with the peace of mind that not only are appropriate AML/CTF safeguards in place but so are best-practice consumer protections.”

32
SHARES
SubscribeE-MailXFacebookWhatsappTelegramRedditLinkedin

Related News

ADCA certifies Australian crypto exchange Independent Reserve

09/26/2018
ADCA certifies Australian crypto exchange Independent Reserve

Australia's longest running digital currency exchange Independent Reserve has today been certified as compliant with the Australian Digital Currency Industry Code of Conduct by ADCA (the Australian Digital Commerce Association). The Code of Conduct is a tool to help Australian consumers identify...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Blockstream Mining Bitcoin

Blockstream launches bitcoin mining colocation and pool services

08/08/2019
Fuse Network welcomes Liquify as new blockchain infrastructure partner

Fuse Network welcomes Liquify as new blockchain infrastructure partner

10/02/2023
Blockstream releases new platform for Liquid-sidechain security token issuance

Blockstream releases new platform for Liquid-sidechain security token issuance

05/15/2019
Zilliqa blockchain combines incubation programs as it announces new grant winners

Zilliqa blockchain combines incubation programs; announces new grant winners

12/03/2019
Fuse Network welcomes Liquify as new blockchain infrastructure partner

Fuse Network welcomes Liquify as new blockchain infrastructure partner

10/02/2023
BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

08/28/2023
HashKey Exchange, Hong Kong's first licensed crypto exchange is now live

Hong Kong’s first licensed crypto exchange HashKey is now live

08/28/2023
Adenasoft launches new crypto exchange white label solution: ACE

Adenasoft launches new crypto exchange white label solution: ACE

06/27/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy