The Australian Government has initiated a new taskforce to focus on cryptocurrency automated teller machines (ATMs) and their potential misuse in illicit activities. The move comes in an attempt to counter the rising trend of criminals using these machines for money laundering and other illegal activities.
A New Taskforce Under AUSTRAC’s Leadership
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, has been tasked with leading this new taskforce. The initiative is aimed at strengthening the regulation and oversight of cryptocurrency ATMs, thereby curbing their misuse by criminals.
The taskforce will primarily focus on ensuring that cryptocurrency ATMs comply with the current Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws. The body will also be responsible for educating the public about the potential risks associated with these machines.
Related: Number of Bitcoin ATMs Worldwide Nears Record High
Rising Concerns Over Crypto ATMs
The initiative stems from the increasing concerns over the use of cryptocurrency ATMs for illegal activities. Criminals are known to exploit these machines to launder money, evade taxes, and even finance terrorism. Therefore, the Australian Government believes that a dedicated taskforce is necessary to monitor these activities and take necessary action.
As per the reports, Australia has seen a considerable increase in the number of cryptocurrency ATMs, which has subsequently led to an increase in criminal activities involving these machines. The country currently has around 250 cryptocurrency ATMs, a number that is expected to grow in the coming months.
Related: UK Crypto ATM Operator Pleads Guilty to Fraud and Money Laundering, Faces 26 Years in Jail
Strengthening the Regulatory Framework
AUSTRAC is already well-known for its stringent regulatory measures in the crypto domain. In the past, the body has enforced a strict registration process for cryptocurrency exchanges, thereby limiting the potential for illegal activities. The formation of this taskforce can be seen as a further step in strengthening the regulatory framework for cryptocurrencies in Australia.
Moreover, the Australian government has also shown a keen interest in properly regulating the crypto sector. It recently announced plans to bring crypto exchanges under the direct supervision of the Australian Securities and Investments Commission (ASIC).
The taskforce, along with the planned regulatory changes, is expected to provide a safer environment for legitimate crypto users while making it harder for criminals to misuse the digital assets.
Related: Australia Steps Up Crypto Regulations: Compliance No Longer a Choice
Towards a Safer Crypto Environment
In conclusion, the formation of this new taskforce underlines the Australian government’s commitment to creating a safe and regulated environment for crypto users. The hope is that these measures will not only curb illegal activities but also encourage more Australians to adopt and use cryptocurrencies in a secure manner.
While it is still early days for the taskforce, the initiative is a significant development in Australia’s crypto landscape. It demonstrates the government’s proactive approach to regulation, setting a precedent for other countries grappling with similar issues in the crypto domain.