Share this article
Australia Nearing Decision on Bitcoin Exchange Regulation
The Australian government has officially responded to a Senate report that offered regulatory recommendations for digital currencies.
By Pete Rizzo
Updated Sep 11, 2021, 12:16 p.m. Published May 11, 2016, 4:12 p.m.
Make us preferred on Google
The Australian government has officially responded to a Senate report in which lawmakers argued that the country should bring domestic digital currency exchanges under existing anti-money laundering (AML) and counter-terrorist financing (CTF) rules.
In newly issued remarks, the Australian government indicated that it agrees with this recommendation and that it expects a review of the relevant laws to be released shortly.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"The review is considering a range of measures to support the development of the FinTech industry, including whether Australia’s existing AML/CTF regime should be extended to include convertible digital currency exchanges and how to make the obligations under the AML/CTF regime technology neutral," the statements read.
The government went on to indicate that such an approach would put Australia in line with decisions made by the UK and Canada, as well as recommendations made by the international standards body Financial Action Task Force (FATF).
The response continued:
"Australia’s review is considering these and alternative approaches to addressing the money laundering and terrorism financing risks posed by digital currencies."
Elsewhere, the Australian government reiterated it is committed to fostering innovation in FinTech, and that it plans to make further changes to existing laws to accommodate those using blockchains and digital currencies.
For example, the government agreed consumers using digital currencies should not be taxed twice, an issue that has raised considerable attention internationally, and indicated it would explore the appropriate tax treatment of digital currencies as well as whether it should create a special task force to monitor the industry.
Read the full response here:
Australian Government Response to Senat... Currency - Game Changer or Bit Player by CoinDesk
Image credit:
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
