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Australia will formally regulate the cryptocurrency exchange, the exchange will have "legal status"

Austracruz, the Australian financial intelligence unit, has received news of the country's upcoming regulation of the Bitcoin Exchange.

According to ZDNet, the news means the cryptocurrency exchange in Australia will have to register with Austrac. The Exchange will need to set up other procedures, including the risk of AML / terrorism financing, verification of user identity, and retention of certain records for seven years.

In an effort to combat the illegal use of cryptocurrencies, the Australian Senate approved the "Amendment to the Anti-Money Laundering and Counter-Terrorism Financing 2017" on Wednesday.

According to ZDNet, Danielle Szetho, chief executive of FinTech Australia, said the legislation will provide "legitimacy" to encrypt currency operations in Australia, "free up the benefits of digital currency usage and trading, and ensure that everything is done with the right kind of Way. "

This bill is the second piece of legislation passed by Australia in the past few months.

In October of this year, the Australian Parliament passed another bill that eventually abolished the long-debated issue of the "double tax" of cryptocurrencies (double tax, tax on the purchase of cryptocurrencies, which is later taxed on purchases of commodities ).

The double tax issue in Australia started with a law that was revised in 2014, which treats cryptocurrencies as barter commodities and falls within the scope of the GST (GST) - a legislation that has quickly come under the purview of Technology advocates have criticized the law as hindering industry innovation.