Australia’s financial intelligence agency, AUSTRAC, identified cryptocurrency as a significant threat in its recent financial crime crackdown, announcing a comprehensive overhaul of its anti-money laundering laws. This regulatory shift signals a focus on substantial risks rather than mere compliance checks. Starting July 1, 2026, around 80,000 new businesses, including virtual asset service providers, will be captured under these regulations. The agency's CEO, Brendan Thomas, emphasized the importance of regulating digital currency exchanges due to their capacity for global financial transfers and the potential for money laundering. Industry experts view this regulatory clarity as beneficial, although concerns about the implementation timeline and access to banking services for crypto firms remain. The move is part of a broader effort to address vulnerabilities in the financial ecosystem, aligning with global trends in increased regulatory scrutiny of cryptocurrencies.

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