Australia - the first country to apply to the cryptocurrency law

 On April, 3 (local time), new rules inured the works of the Australian cryptocurrency exchanges, aimed at a fight against white-washing and financing of terrorism, talked in the report of the Australian Reporting and Analytical Transaction Center.

 From now on the cryptocurrency exchanges of Australia must observe a few obligatory rules, including:

 -  to register oneself in AUSTRAC;

 -  to embed and support the program AML/CTF;

 -  to identify and verify users;

 -  to report about suspicious activity and transactions in size of 10 000 AUD (near $7700) and more.

 -  In addition, trade grounds are under an obligation to keep certain records during seven years.

  Marked, the grant of corresponding financial services without registration can entail criminal and administrative responsibility.

 "Since April, 3, during six months a general director of AUSTRAC can accept force measures only in case that a cryptocurrency exchange will not undertake "reasonable steps" for the observance of new rules. For existent companies transitional mechanisms that will allow to give services will be created, while their registration statement is examined. Virtual currency exchanges are under an obligation to register oneself to May, 14, 2018" - talked in the report of department.

We will remind, in August of the last year in accordance with offer a government amendments in the legislation of AUSTRAC began to carry out control above activity of virtual currency exchanges. In addition, in 2016 Australia became one of the first countries, where cryptocurrencies got under jurisdiction of counterterrorist legislation

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