Virtual currency legislation in Australia
Publish: 2021-04-24 04:43:13
1. Future e-commerce B2B will tend to user experience and offline services, online services.
2. As mentioned in the 2017-2018 Australian fiscal year budget report, bitcoin will be regarded as legal currency on July 1, 2017, and the goods and services tax (GST) on bitcoin will be abolished. To help new innovative digital currency companies operate more easily in Australia
in the budget summary for 2017-2018, the government said that as part of the plan to "make it easier for digital currency business to operate in China". This will ensure that the general sales tax (GST) is not charged more than once throughout the supply chain
the conclusion is as follows: "the government will make it easier for the new innovative digital currency business to be carried out in Australia."
in the budget summary for 2017-2018, the government said that as part of the plan to "make it easier for digital currency business to operate in China". This will ensure that the general sales tax (GST) is not charged more than once throughout the supply chain
the conclusion is as follows: "the government will make it easier for the new innovative digital currency business to be carried out in Australia."
3. Bitcoinwin platform is very formal. Some of them are mainstream currency. There is no fake currency. The main reason is that their license plate can be found in the online market. You have to check it yourself!
4. With the digital asset trading more and more standardized, the relevant qualification application has become essential
license requirements will apply AML / CTF rules to enterprises trading digital currency (such as bitcoin exchange). More specifically, digital currency dealers will be required to:
1. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency transactions does not apply for austrac's license, it may result in two years' imprisonment, a fine of aud105000, or both
2. Establish and maintain AML / CTF programs to identify, mitigate and manage the money laundering and terrorist financing risks they may encounter
3. Identify and verify the customer's identity
4. Report suspicious activities and transactions involving legal currency, exceeding aud10000 or more (or equivalent) to austrac
5. Maintain special records on transactions, customer identification and AML / CTF projects for 7 years
the trading platform has complete qualifications, and natural users and investment talents can rest assured. Therefore, legal qualifications have become the focus of attention in terms of law, publicity and promotion. Even it is normal for the platform to apply for trading licenses in multiple countries. Let me briefly introce the application requirements and process of Australian licenses
to apply for Australian austrac license, you must own an Australian company to apply for registration<
to register an Australian company, the following conditions are required:
1. There are three names (in English) of the Australian company to be registered, two of which are optional, and the names end with Pty Ltd or Pty Limited
2. The registered address, telephone number, fax number and email address of the company in Australia. If the address is leased, the name of the lessee should be provided to confirm that the Lessee agrees to use the address as the registered address of the company
3. The business nature and business direction of the company in Australia
4. There should be at least one director of an Australian company, one of whom must be an Australian resident. Personal information should be provided: date of birth, place of birth, current address, contact information including telephone number and e-mail address. UCG priority note can provide clients with employment services of local directors in Australia
5. There should be at least one shareholder in an Australian company. There is no nationality restriction. The shareholders and directors can be the same person. Personal information: date of birth, place of birth, current address, contact information including telephone number and email address
6. Personal information of the director in charge of company registration (date of birth, place of birth, current address, contact information including telephone number and e-mail address)
7. Detailed distribution of shares of directors or shareholders of Australian companies. The default number of shares is 100, and the share price is set at a $1 per share
license application
1
2. Write the business plan and operation plan of digital currency dealers
3. Prepare and write application materials
4. Write anti money laundering regulations and anti terrorist organization financing regulations, as well as the daily operation plan of the regulations
5. Submit license applications to austrac and ASIC in Australia
in general, Australia's austrac digital currency license has the same cost performance as the US MSB, and is highly recognized in the currency circle.
license requirements will apply AML / CTF rules to enterprises trading digital currency (such as bitcoin exchange). More specifically, digital currency dealers will be required to:
1. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency transactions does not apply for austrac's license, it may result in two years' imprisonment, a fine of aud105000, or both
2. Establish and maintain AML / CTF programs to identify, mitigate and manage the money laundering and terrorist financing risks they may encounter
3. Identify and verify the customer's identity
4. Report suspicious activities and transactions involving legal currency, exceeding aud10000 or more (or equivalent) to austrac
5. Maintain special records on transactions, customer identification and AML / CTF projects for 7 years
the trading platform has complete qualifications, and natural users and investment talents can rest assured. Therefore, legal qualifications have become the focus of attention in terms of law, publicity and promotion. Even it is normal for the platform to apply for trading licenses in multiple countries. Let me briefly introce the application requirements and process of Australian licenses
to apply for Australian austrac license, you must own an Australian company to apply for registration<
to register an Australian company, the following conditions are required:
1. There are three names (in English) of the Australian company to be registered, two of which are optional, and the names end with Pty Ltd or Pty Limited
2. The registered address, telephone number, fax number and email address of the company in Australia. If the address is leased, the name of the lessee should be provided to confirm that the Lessee agrees to use the address as the registered address of the company
3. The business nature and business direction of the company in Australia
4. There should be at least one director of an Australian company, one of whom must be an Australian resident. Personal information should be provided: date of birth, place of birth, current address, contact information including telephone number and e-mail address. UCG priority note can provide clients with employment services of local directors in Australia
5. There should be at least one shareholder in an Australian company. There is no nationality restriction. The shareholders and directors can be the same person. Personal information: date of birth, place of birth, current address, contact information including telephone number and email address
6. Personal information of the director in charge of company registration (date of birth, place of birth, current address, contact information including telephone number and e-mail address)
7. Detailed distribution of shares of directors or shareholders of Australian companies. The default number of shares is 100, and the share price is set at a $1 per share
license application
1
2. Write the business plan and operation plan of digital currency dealers
3. Prepare and write application materials
4. Write anti money laundering regulations and anti terrorist organization financing regulations, as well as the daily operation plan of the regulations
5. Submit license applications to austrac and ASIC in Australia
in general, Australia's austrac digital currency license has the same cost performance as the US MSB, and is highly recognized in the currency circle.
5.
The gold content of austrac digital currency exchange license can be seen from the regulatory requirements
austrac is the financial regulatory agency in Australia, which is responsible for the prevention and detection of line washing and fear of walking. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency loan transaction does not apply for austrac license, it may be sentenced to two years' imprisonment or aud105000 fine, or both. Australia has many advantages, such as the government's attitude towards development, fast operation process, and a financial system matching Europe and the United States. Therefore, Australia has also become an ideal place for many investors to register, where financial regulatory means are perfect and can be used as the preferred location for blockchain projects
austrac is Australia's financial regulatory agency, responsible for preventing and detecting money laundering and terrorist financing. The federal government enhances the compliance of reporting entities with AML / CTF laws and regulations by expanding the powers and functions of the CEO of Australia Group
after the AML / CTF amendment comes into effect, austrac has the following powers:
1. The CEO of Australia can give notice of a wider range of violations, including non-compliance with KYC reporting and record keeping proceres
2. The chief executive officer of austrac can issue the latest policy direction to the license holding companies to trace their breach of obligations
3. Give the police and customs officers the right to search and detain the person in charge of the license holding company in violation of their obligations at the Australian border< br />
6.
Since the emergence of cryptocurrency, "is cryptocurrency a real currency" has always aroused more heated debate and confusion than the integration of internal operation, consensus mechanism and technology application. There are both supporting and opposing arguments about the feasibility of cryptocurrency as a real form of modern currency
Most people take money for granted and don't know its source, purpose and qualitative characteristics. In the atmosphere of ignorance is a blessing, they blindly spend the long history but familiar money in their daily life. I don't know that some digital currencies have become global currencies, that is cryptocurrency
money has a different personal meaning for everyone. For some, it's a convenient way to get or experience what you need
7. The overall regulatory level in Australia is more open-minded in the regulation of the issuance and trading of digital currency. The investment market has a wide acceptance of ICO, and investors are enthusiastic. The income of digital currency exchange is considerable and prosperous. So far, the digital currency exchange has been formally incorporated into the jurisdiction of Australian law, and it must also comply with the same obligations of other financial institutions, such as banks, including performing a comprehensive reporting obligation to Australia's trade reporting and Analysis Center (i.e. anti Xi money institutions), formulating and providing effective information, It has a series of legal documents and control proceres for anti Xi money and anti terrorist financing based on risk control to obtain government approval and allow it to operate digital currency exchange
here is a brief introction to the current regulatory framework of digital currency in Australia from the perspectives of digital currency definition, digital currency issuance and exchange:
I On the legal definition of digital currency
Australia added the definition of digital currency in the anti Xi money and Anti Terrorism Financing Act amended in 2017: digital currency is the representative of value in digital form; A unit that can act as an intermediary of exchange, a store of value, or an account; Issued by institutions other than the government; It can be exchanged with legal currency and used as consideration for goods or services; It is available to the general public without any restrictions on its use; Or other transaction means, digital proceres or credit means as stipulated in the anti money / anti terrorist financing laws.; Or other means of transaction, digital proceres or credit as stipulated in anti money / anti terrorist financing laws< Secondly, the regulation of digital currency issuance in Australia is mainly to determine whether a certain type of digital currency is a financial proct. If it is a financial proct, it should be regulated according to the relevant provisions of financial procts. If it is not a financial proct, it should be regulated according to the relevant provisions of financial procts, It should be regulated in accordance with the relevant provisions on consumer protection (Australian consumer law) and general legal provisions
of course, no matter whether a certain type of digital currency is a financial proct or not, there should be no misleading or deceptive behaviors in the process of its issuance, including: using social media to expand public attention and interest in ICO; Engage in or arrange specific people to trade virtual currency or virtual assets with specific strategies, so as to generate larger trading volume on the surface; The issuance information is not fully disclosed; Or for the ICO that has not obtained the approval from the regulatory department, publicize that it has obtained the approval from the regulatory department< According to Australian law, if digital currency constitutes one of the following types of financial procts, the regulatory framework of financial procts is applicable:
1, investment management plan
2, stocks
3, derivatives
4, non cash payment facilities
3 Digital currency trading platform
(1) all trading platforms involving the exchange between legal currency and virtual currency should be registered with austrac and subject to supervision
according to austrac's guidelines, from the perspective of anti Xi money / anti-terrorism financing supervision, all trading platforms involving the exchange between legal currency and virtual currency should be subject to supervision, It includes:
1. Register with austrac
2. Adopt and maintain AML / CTF system
3. Report suspicious transactions and large transactions to austrac
4. Record and save user information, transaction information and the implementation of AML / CTF system
(2) all trading platforms of trading financial procts should obtain licenses
according to statistics, Although the number of licensed exchanges in Australia is relatively small, the quality is relatively high, and most of them are small and medium-sized, and the types of transactions are mainly spot transactions. Moreover, the current Australian exchange license is strictly regulated by ASIC and other departments. It can be seen that while Australia is striving to protect the financial order and investors' rights and interests, It will also give the development of digital currency a bright future, and the development of digital currency in Australia will be unstoppable.
here is a brief introction to the current regulatory framework of digital currency in Australia from the perspectives of digital currency definition, digital currency issuance and exchange:
I On the legal definition of digital currency
Australia added the definition of digital currency in the anti Xi money and Anti Terrorism Financing Act amended in 2017: digital currency is the representative of value in digital form; A unit that can act as an intermediary of exchange, a store of value, or an account; Issued by institutions other than the government; It can be exchanged with legal currency and used as consideration for goods or services; It is available to the general public without any restrictions on its use; Or other transaction means, digital proceres or credit means as stipulated in the anti money / anti terrorist financing laws.; Or other means of transaction, digital proceres or credit as stipulated in anti money / anti terrorist financing laws< Secondly, the regulation of digital currency issuance in Australia is mainly to determine whether a certain type of digital currency is a financial proct. If it is a financial proct, it should be regulated according to the relevant provisions of financial procts. If it is not a financial proct, it should be regulated according to the relevant provisions of financial procts, It should be regulated in accordance with the relevant provisions on consumer protection (Australian consumer law) and general legal provisions
of course, no matter whether a certain type of digital currency is a financial proct or not, there should be no misleading or deceptive behaviors in the process of its issuance, including: using social media to expand public attention and interest in ICO; Engage in or arrange specific people to trade virtual currency or virtual assets with specific strategies, so as to generate larger trading volume on the surface; The issuance information is not fully disclosed; Or for the ICO that has not obtained the approval from the regulatory department, publicize that it has obtained the approval from the regulatory department< According to Australian law, if digital currency constitutes one of the following types of financial procts, the regulatory framework of financial procts is applicable:
1, investment management plan
2, stocks
3, derivatives
4, non cash payment facilities
3 Digital currency trading platform
(1) all trading platforms involving the exchange between legal currency and virtual currency should be registered with austrac and subject to supervision
according to austrac's guidelines, from the perspective of anti Xi money / anti-terrorism financing supervision, all trading platforms involving the exchange between legal currency and virtual currency should be subject to supervision, It includes:
1. Register with austrac
2. Adopt and maintain AML / CTF system
3. Report suspicious transactions and large transactions to austrac
4. Record and save user information, transaction information and the implementation of AML / CTF system
(2) all trading platforms of trading financial procts should obtain licenses
according to statistics, Although the number of licensed exchanges in Australia is relatively small, the quality is relatively high, and most of them are small and medium-sized, and the types of transactions are mainly spot transactions. Moreover, the current Australian exchange license is strictly regulated by ASIC and other departments. It can be seen that while Australia is striving to protect the financial order and investors' rights and interests, It will also give the development of digital currency a bright future, and the development of digital currency in Australia will be unstoppable.
8. It's illegal, so don't live.
9. After registration, select identity authentication in account settings, select indivial users or enterprise customers, and provide effective and clear materials according to the requirements of different choices, and complete the authentication according to the website prompts
1. Indivial user: need to provide valid photo ID and address proof,
1.1 photo ID acceptable: passport, driver's license, age certificate
1.2 address proof acceptable: utility bills, financial institution statement in recent 3 months; Government letter or council rates; Lease agreement; Vehicle registration / insurance; Please make sure that the abbreviated user's name on the bill is consistent with the identity certificate submitted by the customer
(proof of address: within 3 months; Photo specifications: a) the supported file formats are PNG (. PNG), JPEG (. JPG), PDF, and the size is not more than 2m. B) photos must have sufficient clarity and can be uploaded to the website at the same time)
1.3 indivial users are not limited to Australian residents, as long as they meet the above conditions Business users: at present, fire coin Australia station only accepts registration applications from local enterprises in Australia, and needs to use local bank accounts for deposit and withdrawal. According to the registration form, enterprise users can be divided into company and trust authentication materials:
Company: company registration, company statement / extract, bank statement of the business
trust died, trust's verification (trust can be a company or indivial, KYC will subject to relevant requirements based on nature of trust)
1. Indivial user: need to provide valid photo ID and address proof,
1.1 photo ID acceptable: passport, driver's license, age certificate
1.2 address proof acceptable: utility bills, financial institution statement in recent 3 months; Government letter or council rates; Lease agreement; Vehicle registration / insurance; Please make sure that the abbreviated user's name on the bill is consistent with the identity certificate submitted by the customer
(proof of address: within 3 months; Photo specifications: a) the supported file formats are PNG (. PNG), JPEG (. JPG), PDF, and the size is not more than 2m. B) photos must have sufficient clarity and can be uploaded to the website at the same time)
1.3 indivial users are not limited to Australian residents, as long as they meet the above conditions Business users: at present, fire coin Australia station only accepts registration applications from local enterprises in Australia, and needs to use local bank accounts for deposit and withdrawal. According to the registration form, enterprise users can be divided into company and trust authentication materials:
Company: company registration, company statement / extract, bank statement of the business
trust died, trust's verification (trust can be a company or indivial, KYC will subject to relevant requirements based on nature of trust)
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