Independent Reserve becomes regulated digital currency
Independent Reserve has become the first Australian digital currency exchange to be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) under new regulations that were implemented yesterday.
Chief executive officer of Independent Reserve, Adrian Przleozny said the regulation represented a step forward for the digital currency industry and was the key to amalgamating it with the mainstream economy.
Przleozny also said investors should feel safe when entering a new market, and this development in regulation would see the local digital currency market become more attractive for both retail and institutional investors
Independent Reserve investor, Steve James, said AUSTRAC regulations would also help exchanges interact more efficiently with the banking sector.
“Coming from a banking background it’s easy to see why banks have seen this sector as a potential AML/CTF risk,” he said. “While in the past we’ve seen the bigger banks showing reluctance to get involved, now we have higher standards for all operators and I am very confident this will result in much stronger partnerships between traditional and digital currency institutions.”
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
