Originally published at: https://toshitimes.com/countdown-to-registration-deadline-for-crypto-exchanges-in-australia/
“Effective immediately, digital currency exchanges with a business operation located in Australia must now register with AUSTRAC and meet the Government’s AML/CTF compliance and reporting obligations,” the Financial Intelligence Agency of Australia warned yesterday, giving Australian cryptocurrency exchanges six weeks to register themselves. As of April 3rd, changes in Australian anti-money laundering legislation have meant…
1 Like
Yes, regulation is coming, and the players in this field who will survive will be those who have a good attitude about reasonable regulation.
For example, there are exchanges that are currently requiring a representation that a particular new ICO cryptocurrency is not a security as a condition of listing it on their exchange. They might ask for a letter from an attorney rendering such an opinion, which would amount to little more than a fig leaf.
The chairman of the US SEC has rendered his opinion that the act of putting a cryptocurrency on an exchange is central to an admission that it is a security. That is, if it is intended for exchange trading it must be a security.
If one were to make a market on a contrary opinion to the SEC, we are of the opinion it would tend to fall to zero at this point.