Regulation of digital currency transactions in Australia
first, classify the legal nature of digital currencies and establish their legal status
the identification of the nature of digital currency has always been the core issue of legal supervision
Second, regulate ICO to protect the rights and interests of investors
thirdly, we should adopt the license system to supervise the legal qualification of digital currency start-ups< Fourth, the digital currency trading platform and private users should be included in the anti money laundering laws and regulations to prevent money laundering activities
fifthly, rece or exempt bitcoin transaction tax or formulate regulatory exemption privileges to relax the regulation of digital currency instry.
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for example, the well-known Matcha lbank has applied for Australia austrac license
in April 2018, the Federal Parliament passed the anti money laundering and anti terrorism financing amendment bill 2018 (AML / CTF amendment), which amended Australia's anti money laundering and anti terrorism financing law. So the digital currency exchange, which will operate in Australia since then, will now be supervised by austrac, the Australian financial regulator, and will also be supervised by money laundering and terrorist financing activities. Australia's new law gives austrac the right to regulate the trading of various cryptocurrencies (including bitcoin, Ethereum, ripple, etc.) on digital currency exchanges
the Australian license is a powerful digital license, many of which are registered because of its strength. Moreover, the conventional infrastructure in the Australian financial sector is good, which constitutes the margin proct market
to apply for austrac license, you must own an Australian company to apply for registration
to apply for austrac license in Australia, the information required for applying for austrac license is as follows:
1. Basic information of Australian company, including company tax number
2. Detailed information of shareholders and directors of Australian company (scanned passport, address, etc.)
3. Address of Australian Office
4. Notarization of no criminal record of shareholders and directors of Australian companies
the application time is about 2 months
if you want to apply for Australian austrac license, you need to register an Australian company first
to register an Australian company, you need to:
1 provide the name core name and three alternatives, with the name ending in Pty Ltd or Pty Limited&# 160;
2 registered address, telephone number, fax and email address Agent can provide) & 160
3 at least one director of the company, one of whom must be an Australian resident, shall provide personal data: date of birth, place of birth, current address, contact information including telephone number and e-mail (provided by the agent) &
4. The nature of the company's business and the direction of its operation
5 the company has at least one shareholder without nationality restriction, and the shareholders and directors can be the same person
6 information of the person in charge of the registration of the company (date of birth, place of birth, current address, telephone number and e-mail address) &
7 distribution of directors or shareholders of the company
the second step in licensing is to open an Australian bank account: & 160< br />1 Certificate of registration&# 160;
2Company tax No. & 160< br />3 Scanning of personal ID of local directors in Australia< br />4 Scanned copies of all shareholders' passports< br />5 Scanning of address proof of local directors in recent three months (Bill showing the address and name of customers) &< br />6 Electronic signatures of all directors and shareholders
to apply to austrac and ASIC in Australia, it is also necessary to do a crime free justice for directors and shareholders.
Australia has many advantages, such as the government's attitude towards development, fast qualification process, and a financial system matching Europe and the United States. Therefore, Australia has also become an ideal place for many investors to register. With perfect financial supervision means, it can be used as a preferred location for blockchain projects
the above is about Australian license application shared by Xiaobian. I hope it can help you
Hello
after Huo coin, okcoin and Yipai payment successively obtained the US financial license of MSB, the MSB financial license has graally attracted the attention of the domestic instry. Today, I will analyze the gold content of this American MSB< br />
What is the difference between Australian austrac license and American MSB and Japanese FSA:
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in terms of cost, American MSB, Australian austrac license, Japanese FSA
2. The regulatory scope of the three licenses is different
austrac is the financial regulatory agency of Australia, responsible for preventing and detecting money laundering and terrorist financing. The federal government enhances the compliance of reporting entities with AML / CTF laws and regulations by expanding the powers and functions of the CEO of Australia Group
austrac regulatory license conditions:
1. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency transactions does not apply for austrac's license, it may result in two years' imprisonment, a fine of aud105000, or both
Establish and maintain AML / CTF plan to identify, mitigate and manage the money laundering and terrorist financing risks they may encounter. At least two responsible persons shall be appointed, at least one of whom must be a director of the company and at least one of whom shall be a compliance officer3. Identify and verify the customer's identity
4. Report suspicious activities and transactions involving legal currency, exceeding aud10000 or more (or equivalent) to austrac
5. Keep special records of transactions, customer identification and AML / CTF projects for 7 years
to apply for Australian austrac license, you need to register a European company first, and then apply for the license. Generally, you will choose a reliable agent company to provide the director information and the name of Australian company
blockchain exchange project compliance: subject company + digital currency trading license:
1. At present, the compliance mode of the exchange, we can apply for a license alone, when applying for a license, we usually register a local ordinary company as a regulatory condition to apply for a license, this ordinary company can be used as the subject company of the exchange. At present, when dealing with the compliance license of the exchange, such as the US MSB license, Estonian MTR and wallet al license, Canadian MSB license, Singapore MAS license and Australian license are all very good. They are also several licenses that the exchange often does. High cost performance, such as hotcoin, bittrer, poloniex, coinbase, and okex, these exchanges have obtained the US MSB license
2. The exchange is compliant. First, it should be a Singapore foundation as the main company, and then apply for the digital currency license
the main company of the Singapore foundation can also be used as the platform currency issued by the exchange in the later stage
at present, the compliance of blockchain projects generally refers to non-profit foundations, legal opinions and exchange licenses, and the specific development direction of the project itself
license requirements will apply AML / CTF rules to enterprises trading digital currency (such as bitcoin exchange). More specifically, digital currency dealers will be required to:
1. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency transactions does not apply for austrac's license, it may result in two years' imprisonment, a fine of aud105000, or both
2. Establish and maintain AML / CTF programs to identify, mitigate and manage the money laundering and terrorist financing risks they may encounter
3. Identify and verify the customer's identity
4. Report suspicious activities and transactions involving legal currency, exceeding aud10000 or more (or equivalent) to austrac
5. Maintain special records on transactions, customer identification and AML / CTF projects for 7 years
the trading platform has complete qualifications, and natural users and investment talents can rest assured. Therefore, legal qualifications have become the focus of attention in terms of law, publicity and promotion. Even it is normal for the platform to apply for trading licenses in multiple countries. Let me briefly introce the application requirements and process of Australian licenses
to apply for Australian austrac license, you must own an Australian company to apply for registration<
to register an Australian company, the following conditions are required:
1. There are three names (in English) of the Australian company to be registered, two of which are optional, and the names end with Pty Ltd or Pty Limited
2. The registered address, telephone number, fax number and email address of the company in Australia. If the address is leased, the name of the lessee should be provided to confirm that the Lessee agrees to use the address as the registered address of the company
3. The business nature and business direction of the company in Australia
4. There should be at least one director of an Australian company, one of whom must be an Australian resident. Personal information should be provided: date of birth, place of birth, current address, contact information including telephone number and e-mail address. UCG priority note can provide clients with employment services of local directors in Australia
5. There should be at least one shareholder in an Australian company. There is no nationality restriction. The shareholders and directors can be the same person. Personal information: date of birth, place of birth, current address, contact information including telephone number and email address
6. Personal information of the director in charge of company registration (date of birth, place of birth, current address, contact information including telephone number and e-mail address)
7. Detailed distribution of shares of directors or shareholders of Australian companies. The default number of shares is 100, and the share price is set at a $1 per share
license application
1
2. Write the business plan and operation plan of digital currency dealers
3. Prepare and write application materials
4. Write anti money laundering regulations and anti terrorist organization financing regulations, as well as the daily operation plan of the regulations
5. Submit license applications to austrac and ASIC in Australia
in general, Australia's austrac digital currency license has the same cost performance as the US MSB, and is highly recognized in the currency circle.
The gold content of austrac digital currency exchange license can be seen from the regulatory requirements
austrac is the financial regulatory agency in Australia, which is responsible for the prevention and detection of line washing and fear of walking. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency loan transaction does not apply for austrac license, it may be sentenced to two years' imprisonment or aud105000 fine, or both. Australia has many advantages, such as the government's attitude towards development, fast operation process, and a financial system matching Europe and the United States. Therefore, Australia has also become an ideal place for many investors to register, where financial regulatory means are perfect and can be used as the preferred location for blockchain projects
austrac is Australia's financial regulatory agency, responsible for preventing and detecting money laundering and terrorist financing. The federal government enhances the compliance of reporting entities with AML / CTF laws and regulations by expanding the powers and functions of the CEO of Australia Group
after the AML / CTF amendment comes into effect, austrac has the following powers:
1. The CEO of Australia can give notice of a wider range of violations, including non-compliance with KYC reporting and record keeping proceres
2. The chief executive officer of austrac can issue the latest policy direction to the license holding companies to trace their breach of obligations
3. Give the police and customs officers the right to search and detain the person in charge of the license holding company in violation of their obligations at the Australian border< br />
Australia is one of the fastest growing derivatives markets in the world. According to the annual survey of the Federal Reserve Bank, the average daily trading volume of all foreign exchange procts is about 175 billion US dollars. In addition, the country's conventional infrastructure in the financial sector is well equipped, which constitutes the margin proct market. This is a fully mature and well regulated capital market. In addition, in the financial market, the use and processing of the Internet in banking and securities trading has long been normative< br />
here is a brief introction to the current regulatory framework of digital currency in Australia from the perspectives of digital currency definition, digital currency issuance and exchange:
I On the legal definition of digital currency
Australia added the definition of digital currency in the anti Xi money and Anti Terrorism Financing Act amended in 2017: digital currency is the representative of value in digital form; A unit that can act as an intermediary of exchange, a store of value, or an account; Issued by institutions other than the government; It can be exchanged with legal currency and used as consideration for goods or services; It is available to the general public without any restrictions on its use; Or other transaction means, digital proceres or credit means as stipulated in the anti money / anti terrorist financing laws.; Or other means of transaction, digital proceres or credit as stipulated in anti money / anti terrorist financing laws< Secondly, the regulation of digital currency issuance in Australia is mainly to determine whether a certain type of digital currency is a financial proct. If it is a financial proct, it should be regulated according to the relevant provisions of financial procts. If it is not a financial proct, it should be regulated according to the relevant provisions of financial procts, It should be regulated in accordance with the relevant provisions on consumer protection (Australian consumer law) and general legal provisions
of course, no matter whether a certain type of digital currency is a financial proct or not, there should be no misleading or deceptive behaviors in the process of its issuance, including: using social media to expand public attention and interest in ICO; Engage in or arrange specific people to trade virtual currency or virtual assets with specific strategies, so as to generate larger trading volume on the surface; The issuance information is not fully disclosed; Or for the ICO that has not obtained the approval from the regulatory department, publicize that it has obtained the approval from the regulatory department< According to Australian law, if digital currency constitutes one of the following types of financial procts, the regulatory framework of financial procts is applicable:
1, investment management plan
2, stocks
3, derivatives
4, non cash payment facilities
3 Digital currency trading platform
(1) all trading platforms involving the exchange between legal currency and virtual currency should be registered with austrac and subject to supervision
according to austrac's guidelines, from the perspective of anti Xi money / anti-terrorism financing supervision, all trading platforms involving the exchange between legal currency and virtual currency should be subject to supervision, It includes:
1. Register with austrac
2. Adopt and maintain AML / CTF system
3. Report suspicious transactions and large transactions to austrac
4. Record and save user information, transaction information and the implementation of AML / CTF system
(2) all trading platforms of trading financial procts should obtain licenses
according to statistics, Although the number of licensed exchanges in Australia is relatively small, the quality is relatively high, and most of them are small and medium-sized, and the types of transactions are mainly spot transactions. Moreover, the current Australian exchange license is strictly regulated by ASIC and other departments. It can be seen that while Australia is striving to protect the financial order and investors' rights and interests, It will also give the development of digital currency a bright future, and the development of digital currency in Australia will be unstoppable.
the number of registered cryptocurrency exchanges in Australia has increased steadily
312 exchanges have been registered
austrac, the country's financial intelligence and anti money laundering regulator, has been supervising the cryptocurrency instry since April 2018. A spokesman for the regulator said:
"since April 2018, austrac has regulated providers of digital currency transactions to minimize the risk of criminals using them for money laundering, terrorist financing and cybercrime."
"at present, there are 312 digital currency dealers registered with austrac."
a spokesman for the regulator said the latest figure means that the number of cryptocurrency exchanges has increased by 27%, or 66. Last February, 246 entities were registered with austrac< The spokesman further explained that Australia's anti money laundering and anti terrorist financing Act 2006 requires digital currency trading providers to be formally registered in Australia and implement anti money laundering and anti terrorist financing control within their business scope. According to its website:
"if you are a digital currency trading provider, you must register with austrac to provide digital currency trading services. It is illegal to provide digital currency trading services in Australia without registration. "
if the registered password exchange fails to fulfill the obligations of anti money laundering and anti terrorist financing, austrac can take measures to force it to comply and punish it
at the same time, the Australian Securities and Investment Commission (ASIC) is responsible for the regulation of encryption assets and tokens that fall within the definition of financial procts, including companies that raise funds through ICO. Australian Securities Law may require relevant cryptocurrency companies to hold Australian financial services license, which is necessary to carry out financial services business in the country
the number of registered cryptocurrency exchanges in Australia rose steadily