CoinSpot has announced they have been successful in their application to be registered by AUSTRAC to provide exchange services for crypto.
As part of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) financial operators need to comply with a number of conditions under the Act. While most bitcoin and altcoin exchanges used by Australian’s are based overseas, this one is based in Australia.
What will be interesting to see is how the link between AUSTRAC and the ATO works to report crypto transactions as part of your taxable income. While the ATO would love every exchange to report their customers to them, in the way the US regulators tried with Coinbase, Australia’s future remains unclear, but being hosted in Australia, the ability to track this becomes a lot easier.
Coinspot has already taken a bit of heat for its fairly steep fees on transactions, so it’ll be interesting to see how many crypto customers use them for exchanging real Aussie dollars for Bitcoin, Ethereum and other supported cryptocurrencies.