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.”
AUTHOR
Anastasia Santoreneos
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
