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So you are programma on opening a cryptocurrency exchange ter Australia – Fin Tech

Bitcoin and other cryptocurrencies have seen a significant value increase ter the latest past. If you had the foresight to invest ter Bitcoin and Ethereum ter January this year, you would have made 177% and Four,314% respectively. Wij are beginning to see a trend towards people commencing their own cryptocurrency exchanges. If you’re suggesting or programma to opoffering a cryptocurrency business or exchange, it would be prudent to seek legal advice.

You may have already done some research and found that bitcoin is not presently regulated by ASIC spil a financial product te Australia. But this is not the end of things. Depending on the structure of your business, it could be possible that you may require an Australian Financial Services Licence (AFSL). Also, you may be providing a designated service, which will require you to obey with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act). And then there’s GST and other issues.

Do you need an AFSL?

An AFSL authorises a business to provide particular financial services te relation to specific financial products, to clients. Albeit bitcoin is not presently treated spil a financial product by ASIC, depending on your business, you may be providing a financial service te relation to a financial product, for example, foreign exchange contracts and non-cash payment facilities. Wij can advise you spil to whether your current or proposed business operations will require you to acquire an AFSL.

Are you presently regulated under AML/CTF?

You will also be required to serve with the AML/CTF Act if you provide a designated service. Presently, there are a number of designated services, none of which directly apply to bitcoin or other cryptocurrencies (unless they are backed by bullion or precious metal). But, depending on your business, you may be providing other designated services, for example, providing effect to a remittance rangschikking, (transferring money or property (such spil cryptocurrency) for another person), or, spil an tuut for another person, acquiring or disposing of a foreign exchange contract. Wij can provide you with advice spil to whether your business operations mean you are providing or may provide a designated service, and if so, how you can conform with the AML/CTF laws.

Upcoming AML/CTF switches to voorkant cryptocurrency

Even tho’ there are presently no designated services which directly voorkant bitcoin and cryptocurrencies, there wasgoed a statutory review of the AML/CTF Act last year which recommended regulating the exchange of &quot,one currency (whether Australian or not) for a digital currency and vice versa where the exchange is provided te the course of carrying on a digital currency exchange business&quot,. Cryptocurrencies are covered by the proposed definition of digital currencies. This proposed switch is likely to proceed and is expected to commence te 2018.

A number of cryptocurrency exchanges are voluntarily moving towards AML/CTF compliance now, even if presently their business does not fall within the AML/CTF Act. If you want to do this, wij can provide you with information and strategies spil to how to stir towards AML/CTF compliance and minimise your AML/CTF risks. Spil the proposed fresh AML/CTF laws covering cryptocurrencies become clearer, wij can also provide you with advice and assistance te obeying with thesis laws.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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