Being a digital currency exchange provider means you are running a business that exchanges digital currency with money or vice versa.
The money you exchange can be received or sent by electronic means such as a funds transfer, held in an account, held on deposit or be cash, and can be Australian or foreign currency. It does not include changing one type of digital currency for another.
New requirements start on 3 April 2018
Expressions of interest have closed for AUSTRAC's upcoming information workshops about new regulatory requirements for digital currency exchange providers. These half-day workshops will help businesses understand their anti-money laundering and counter-terrorism financing obligations and prepare for the changes that start on 3 April 2018, including:
- enrolment and/or registration requirements
- money laundering and terrorism financing risk identification
- establishing a compliance program and the 'know your customer' requirements
- transaction reporting requirements
- potential crime types.
Check out our Digital currency exchange providers page for general information about the changes.
If you are planning to start a digital currency exchange business in the future, email AUSTRAC_digital_currencies@austrac.gov.au and we will contact you with updates.