Liechtenstein and Australia Regulate as Market Continues Steady Rebound
A piece today on CoinDesk reports that Liechtenstein’s Prime Minister Adrian Hasler and his government are committed to implementing “sensible, comprehensive blockchain legislation to create a legal environment that’s conducive to innovation and light on regulation.”
Hasler explained the need for simplicity and comprehensiveness in the bill, the “Blockchain Act”:
“There is no point in creating regulations that are excessive and lacking in practical relevance, because then the blockchain economy will simply develop outside the regulations. That surely would not be in the interest of any country. Therefore we want to propose a sensible regulatory approach by means of this law, where the role of the state in creating legal certainty and confidence comes into effect where it is needed.”
This news is in line with the country’s Bank Frick statement in March that it would be the “first financial institution in Liechtenstein to offer the trading of five leading cryptocurrencies and secure safekeeping via offline storage.”
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced obligatory online registration of cryptocurrency exchanges today. According to the AUSTRAC website:
From 3 April 2018 DCE businesses are required to meet AML/CTF obligations, including:
- adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
- identifying and verifying the identities of their customers
- reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
- keeping certain records for seven years.
Bitcoin (BTC) is so far continuing its steady recovery and is trading at about $7437 USD at press time. This makes for a six percent growth since yesterday. The total market cap is sitting just under $280 billion USD, an improvement of about $15 billion USD since yesterday.
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