Australian regulators have identified cryptocurrency as a primary threat in the fight against financial crime

ChainCatcher news, according to Decrypt, the Australian financial intelligence agency—Australian Transaction Reports and Analysis Centre (AUSTRAC)—announced on Wednesday that cryptocurrencies are now considered the primary threat in the fight against financial crime, and it has outlined regulatory priorities, marking "the largest anti-money laundering law reform in Australia in a generation." Its CEO, Brendan Thomas, stated that enforcement will be prioritized in areas with the "highest risk," particularly focusing on digital currency exchanges and virtual asset service providers, as they enable instant global transfers.

With the expansion of the regulatory scope, approximately 80,000 new businesses will be included in the so-called "Phase Two" industry regulation, which encompasses real estate agents, lawyers, conveyancers, accountants, trust and company service providers, as well as precious metals and gemstone dealers. Businesses currently required to fulfill reporting obligations will face new regulatory requirements starting March 31, 2026, while Phase Two businesses must achieve compliance by July 1, 2026.