Bitcoin and Cryptocurrency Concerns in Australia
Australia’s financial watchdog, AUSTRAC, has raised red flags over the increased use of digital currencies for illicit transactions, as highlighted in the 2024 Money Laundering National Risk Assessment. The report categorizes cryptocurrencies as a “high” risk factor, while digital currency exchanges are labeled as “medium” risk factors.
International Collaboration to Combat Crypto Crimes
The AUSTRAC report emphasizes the need for international cooperation and stringent regulations to effectively address the rising trend of illicit activities involving cryptocurrencies. Despite AUSTRAC categorizing cryptocurrencies as less risky, the agency urges crypto exchanges to register under the AML/CTF Act to combat potential risks over the next three years.
Recent Crypto Crimes and Regulatory Measures in Australia
Australia has seen a surge in crypto-related crimes, including hacking incidents involving prominent figures like Elon Musk and Andrew “Twiggy” Forrest. In response, Australian authorities have implemented measures such as banning the use of cryptocurrencies for online gambling and targeting crypto investors for tax compliance. Additionally, regulatory bodies like ASIC are cracking down on unregistered securities offered by crypto entities in the country.
