Statement by FinTech Australia on anti-money laundering and terrorism financing laws

Statement by FinTech Australia CEO Danielle Szetho:

“FinTech Australia’s Blockchain and Digital Currency members welcome the Bill for AUSTRAC to regulate digital currency exchange providers because we see Australia as a world-leading digital currency and blockchain market.”

“We have been consulting with AUSTRAC and the Attorney General for the past six months to ensure the proposed regulations appropriately defined Digital Currencies, but also allow room for the industry to grow.”

“This reform comes at a time where the digital currency market is reaching maturity, so they are necessary to legitimise digital currency activities for broader consumer use.”

“The list of use cases for digital currencies – for consumers, businesses and governments – are growing rapidly, and industry recognises that this regulation is important to ensure the sustainable and long-term growth of this sector.”

For further information, read the media release issued by the Australian Minister for Justice on 17 August, 2017