Australia's financial intelligence agency has identified cryptocurrency as a significant threat in its crackdown on financial crime, announcing a major overhaul of anti-money laundering laws. Brendan Thomas, CEO of the Australian Transaction Reports and Analysis Centre, emphasized that enforcement will focus on areas with the highest risk, particularly targeting digital currency exchanges and virtual asset service providers. This regulatory shift aims to address substantive risks rather than just compliance. Approximately 80,000 new businesses, including real estate agents and accountants, will fall under the expanded regulations, with compliance deadlines set for March and July 2026. The cross-border nature of digital currencies has raised concerns among regulators. While industry leaders appreciate the clarity brought by these regulations, they express worries about implementation timelines and access to banking services. Some experts view this regulatory evolution positively, noting Australia's proactive stance towards digital assets. The government is also advancing its digital asset agenda, with recent approvals for firms to pilot transactions using central bank digital currency. Read more AI-generated news on: https://app.chaingpt.org/news

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