Australian Crypto Exchanges Must Register with Regulatory Body

  From April 3 Australian exchanges will have to register with Australian Transaction Reports and Analysis Centre and meet their obligations
02 April 2018   1247

AUSTRAC is Australia's financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing. Its aim is to identify threats and criminal abuse of the financial system, act to protect Australia's economy, help keep Australia safe from financial and other serious crime and build and maintain trust in Australia's financial system as part of the global community.

Australian Transaction Reports and Analysis Centre has announced the new regulatory requirements for digital currency exchange providers which come into force from April 3, 2018.

We see this as an important step toward building real confidence with the general public and investors that the cryptocurrency industry is not only safe but is supported as the way of the future. For new and existing customers, there will be no impact. CoinTree has always been proactive with its policies and practices. We are happy to say that we already meet a majority of the new requirements. For those requirements that aren’t quite completely met yet, the changes required are internal only and will not affect any customers.

Team of CoinTree Exchange (credit: CryptoNinjas)

According to the new requirements Australian cryptocurrecny exchanges will be demanded to register with AUSTRAC and meet such obligations as:

  • Customer identification and due diligence
  • Adopting and maintaining an AML/CTF program, including identifying, managing and lessening money laundering and terrorism financing risk
  • Suspicious matter reporting
  • Threshold transaction reporting, including cash amounts of $10,000 or more
  • Record keeping

We recommend our readers to use only trustworthy exchanges and choose their investment strategies carefully.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   79

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.