#CryptoCorner: #Liechtenstein and #Australia Regulate as Market Continues Steady Rebound
#CryptoCorner: #Liechtenstein
and #Australia Regulate as Market Continues Steady Rebound
Point Roberts, WA, Delta BC – April 3, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – April 3, 2018
By Samuel Mowers at Investorideas.com
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/04031LiechtensteinAustralia.asp
Liechtenstein and Australia Regulate as Market Continues Steady Rebound
A piece today on CoinDesk reports that Liechtenstein’s Prime Minister Adrian
Hasler and his government are committed
to implementing "sensible,
comprehensive blockchain legislation to create a legal environment that's
conducive to innovation and light on regulation.”
Hasler
explained the need for simplicity and comprehensiveness in the bill, the
“Blockchain Act”:
"There is no point in creating regulations that
are excessive and lacking in practical relevance, because then the blockchain
economy will simply develop outside the regulations. That surely would not be
in the interest of any country. Therefore we want to propose a sensible
regulatory approach by means of this law, where the role of the state in
creating legal certainty and confidence comes into effect where it is
needed."
This news is in line with the country’s Bank Frick statement in March that it would be the "first financial institution
in Liechtenstein to offer the trading of five leading cryptocurrencies and
secure safekeeping via offline storage."
The Australian
Transaction Reports and Analysis Centre (AUSTRAC) has announced obligatory online registration of cryptocurrency
exchanges today. According to the AUSTRAC website:
From 3 April
2018 DCE businesses are required to meet AML/CTF obligations, including:
●
adopting and
maintaining an AML/CTF program to identify, mitigate and manage money
laundering and terrorism financing risks
●
identifying
and verifying the identities of their customers
●
reporting to
AUSTRAC suspicious matters, and transactions involving physical currency of
$10,000 or more
●
keeping
certain records for seven years.
Bitcoin (BTC) is so far continuing its steady recovery and is trading at about $7437
USD at press time. This makes for a six percent growth since yesterday. The
total market cap is sitting just under $280 billion USD, an improvement of
about $15 billion USD since yesterday.
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