According to Decrypt, Australia’s financial intelligence unit, AUSTRAC, has launched two targeted regulatory initiatives focused on the virtual asset industry, examining the anti-money laundering and counter-terrorism financing risk management practices of relevant entities. The action covers 36 over-the-counter cryptocurrency-to-cash operators and 27 local cryptocurrency exchanges. Australia’s new regulations have expanded oversight from traditional cryptocurrency exchanges to include all virtual asset service providers (VASPs), encompassing services such as custody and brokerage; the Travel Rule for virtual asset transfers will be mandatory as of July 1.
Australia Launches Special Regulatory Crackdown on the Crypto Industry
TechFlowShare
Summary
Australia’s crypto market is facing heightened regulatory enforcement as AUSTRAC targets 36 OTC operators and 27 local platforms under new anti-money laundering rules. The crackdown extends oversight to VASPs, including custody and brokerage services. The Travel Rule will take effect on July 1, marking a significant shift in crypto monitoring and compliance requirements.
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