Australia Regulates Crypto Exchanges to Strengthen User Confidence | Digithereum

Australia Regulates Crypto Exchanges to Strengthen User Confidence

In Australia, 3 cryptocurrency exchanges received a license from a local regulator to conduct trading operations with digital currencies. All other crypto platforms must also switch to a new mode of operation until May 14.

Earlier, the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued a statement that all local crypto exchanges should begin to comply with the rules for combating money laundering and terrorist financing. Thus, all sites are required to obtain a license that will guarantee that the exchange provides safe and transparent conditions for crypto investors.

"It's recognised that this reform will help protect their business operations from money laundering and terrorism financing, while regulation will also help strengthen public and consumer confidence in the sector," said AUSTRAC CEO Nicole Rose.

Previously, similar regulation affected the crypto exchanges in Japan and South Korea. Such measures positively influenced the development of the digital currencies in these countries, as users became calm for the safety of their investments, and more and more companies are beginning to receive crypto payments every day.