Australia's cryptocurrency regulatory reforms take effect, AUSTRAC launches two industry oversight actions

With the official implementation of cryptocurrency regulatory reforms in Australia, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced today the launch of two supervisory actions targeting the virtual asset industry.

AUSTRAC stated on social media that it is engaging with dozens of cryptocurrency companies and trading platforms, focusing on how they manage anti-money laundering and counter-terrorism financing (AML/CTF) risks and preparing for the upcoming reforms. This supervisory action primarily targets over-the-counter (OTC) operators and local trading platforms. The new laws have expanded the regulatory scope to include custodial and brokerage services. This reform marks a further improvement in Australia's regulatory framework for the cryptocurrency industry, aiming to enhance industry compliance standards and mitigate financial crime risks.