Australian regulator names cryptocurrencies a top threat in financial crime crackdown

Reported on July 17 that according to Decrypt, Australia's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), announced on Wednesday that it would list cryptocurrency as the primary threat to financial crime crackdowns and announced regulatory priorities, marking Australia's "largest anti-money laundering law reform in a generation." Its CEO Brendan Thomas said that priority will be given to law enforcement in areas with "the greatest risk of harm," with a particular focus on digital currency exchanges and virtual asset service providers because they can achieve instant global transfers.
The expansion will bring about 80,000 new businesses into the so-called "Phase II" sector, including real estate agents, lawyers, conveyancers, accountants, trust and company service providers, and precious metals and gemstone dealers. Businesses currently subject to reporting obligations will face the new regulatory requirements from March 31, 2026, while Phase II businesses will have until July 1, 2026 to comply. [PANews]