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The amendments to the AML/CTF Act broaden the regulatory framework to encompass a wider range of virtual assets and services.
This will result in a wider array of businesses, including cryptocurrency exchanges, wallet providers, decentralised finance (DeFi) platforms, and ICO facilitators, who must now comply with AML/CTF obligations.
VASPs must take proactive steps to comply with these new requirements by 1 July 2026.
The current AML/CTF regime only extends to digital currency exchanges regulating exchanges between digital currency and fiat currency. This means that only businesses facilitating the conversion of digital currencies (like Bitcoin) to traditional currencies (like AUD) and vice versa have been required to comply with AML/CTF obligations.
The new AML/CTF Act introduces significant amendments to extend coverage to a broader range of virtual assets and virtual asset service providers (VASPs) through a revised set designated service.
The revised AML/CTF Act designates the following services provided by VASPs under Table 1 of section 6 of the AML/CTF Act:
Exchange between virtual assets and fiat currencies.
Exchange between one or more forms of virtual assets.
Transfer of virtual assets.
Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets.
Participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset.
These changes will result in a wider array of businesses, including cryptocurrency exchanges, wallet providers, decentralised finance (DeFi) platforms, and ICO facilitators, who must now comply with AML/CTF obligations.
The exchange between virtual assets and fiat currency involves converting digital currencies (like Bitcoin or Ethereum) into fiat currencies (like USD, EUR, or AUD) and vice versa. This process allows users to buy digital currencies using fiat money or sell their digital currencies to receive fiat money.
Several types of businesses provide exchange services between virtual assets and fiat currencies:
Cryptocurrency exchanges facilitate the buying and selling of digital currencies for fiat money. They act as intermediaries, matching buyers with sellers and providing a secure environment for transactions.
Over the counter (OTC) brokers offer personalised services for large-volume trades, providing a more private and direct way to exchange virtual assets for fiat currency without using a public exchange.
Bitcoin ATMs allow users to buy Bitcoin and other cryptocurrencies using cash or debit cards. Some Bitcoin ATMs also enable users to sell their digital currencies for cash.
Payment service providers can have integrated cryptocurrency services, allowing users to buy, sell, and hold digital currencies within their platforms.
These businesses bridge the gap between traditional finance and the emerging world of digital assets, making it easier for individuals and businesses to participate in the digital economy.
The exchange between one or more forms of virtual assets involves converting one type of digital currency or token into another. For example, exchanging Bitcoin (BTC) for Ethereum (ETH) or converting a stablecoin like USDT into a different cryptocurrency like Litecoin (LTC). This type of exchange allows users to diversify their digital asset holdings or take advantage of different blockchain features and benefits.
Several types of businesses facilitate the exchange between different forms of virtual assets:
Cryptocurrency exchanges offer trading pairs that allow users to exchange one cryptocurrency for another. These exchanges provide a marketplace where buyers and sellers can trade various digital assets.
Decentralized exchanges (DEXs) allow users to trade cryptocurrencies directly with each other. DEXs use smart contracts to facilitate these exchanges, providing greater privacy and control over funds.
Crypto wallets with built-in exchange features enable users to swap one cryptocurrency for another directly within the wallet interface.
OTC (over-the-counter) desks facilitate large-volume trades between different cryptocurrencies. They provide a more private and personalised service for significant transactions.
These businesses play a role in the digital asset ecosystem, enabling users to manage and diversify their cryptocurrency portfolios efficiently.
The transfer of virtual assets involves moving digital currencies or tokens from one wallet or account to another. This service is essential for enabling transactions between users, whether for personal transfers, payments for goods and services, or other financial activities. The transfer process ensures the ownership of the virtual asset is securely and accurately updated on the blockchain.
Several types of businesses facilitate the transfer of virtual assets:
Cryptocurrency exchanges not only allow users to trade cryptocurrencies but also provide services to transfer digital assets between different wallets or accounts.
Crypto wallet providers offer digital wallets that enable users to store, manage, and transfer their virtual assets securely.
Payment service providers can specialise in processing cryptocurrency payments, facilitating the transfer of virtual assets for purchases and other transactions.
Decentralized finance (DeFi) platforms allow users to transfer virtual assets within decentralised applications often as part of lending, borrowing, or liquidity provision activities.
These businesses also play a role in the digital asset ecosystem, ensuring that virtual assets can be transferred efficiently and securely across different platforms and users.
Safekeeping and administration of virtual assets involve securely storing and managing digital currencies or tokens on behalf of clients. This service ensures that virtual assets are protected from theft, loss, or unauthorised access. It also includes managing the private keys that control access to these assets, ensuring they are kept safe and accessible only to an authorised individual.
Several types of businesses offer safekeeping and administration services for virtual assets:
Custodial wallet providers offer custodial services where they manage and secure clients' digital assets. These providers use advanced security measures, including multi-signature wallets and cold storage solutions, to protect assets.
Crypto exchanges provide custodial services as part of their platform offerings. They hold users' digital assets in secure wallets and manage the private keys on behalf of their clients.
Institutional custodians can cater to institutional investors, offering high-security storage solutions and regulatory compliance for large-scale digital asset holdings.
Trust companies can specialise in providing secure storage and administration services for digital assets, often catering to both individual and institutional clients.
These businesses play a crucial role in the digital asset ecosystem by ensuring that virtual assets are stored securely and managed efficiently.
This service involves assisting with the creation, marketing, and sale of new virtual assets, such as tokens or cryptocurrencies, typically through mechanisms like initial coin offerings (ICOs) or security token offerings (STOs). These services can include underwriting, advisory, and other financial services that support the issuer in bringing their virtual asset to market.
Several types of businesses are involved in providing financial services related to the offer and sale of virtual assets:
Investment banks and financial advisors may offer advisory services to issuers, helping them structure and market their virtual asset offerings.
Crypto exchanges often facilitate the sale of new tokens by listing them on their exchanges, providing a marketplace for investors to purchase these assets.
Legal firms provide legal and regulatory advice to ensure that the issuance complies with relevant laws and regulations.
Blockchain development firms specialising in blockchain technology assist issuers in developing the technical infrastructure needed for their virtual assets.
These businesses play a crucial role in the successful launch and distribution of new virtual assets, ensuring that issuers can navigate the complex regulatory landscape and reach potential investors effectively.
The amended AML/CTF Act in Australia has broadened the definition of virtual assets to include various types of digital representations of value. The following are the main classes of virtual assets and their features:
Cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are digital or virtual currencies that use cryptography for security. They operate on decentralised networks based on blockchain technology, which ensures transparency and immutability of transactions.
Stablecoins are a type of cryptocurrency designed to minimise price volatility by being pegged to a reserve asset like a fiat currency (e.g., USD) or a commodity (e.g., gold). They provide the benefits of digital assets while maintaining stable value.
Non-fungible tokens (NFTs) are unique digital assets that represent ownership or proof of authenticity of a specific item or piece of content, such as art, music, or virtual real estate. They are indivisible and cannot be exchanged on a one-to-one basis like cryptocurrencies and are captured by the AML/CTF Act where the NFT functions as a medium of exchange or investment.
Governance tokens grant holders have the right to participate in the decision-making processes of a decentralised autonomous organisation (DAO) or a blockchain project. They often allow voting on proposals, changes to protocols, and other governance matters.
Utility tokens provide access to a product or service within a blockchain ecosystem. They are not intended as investments but rather as a means to access specific functionalities or benefits within a platform.
Security tokens represent ownership in an asset, such as shares in a company, real estate, or other financial instruments. They are subject to securities regulations and offer rights such as dividends, profit sharing, or voting.
We are here to help
Although the new AML/CTF requirements won't be enforced until 2026, it is vital to start planning and preparing for compliance with the revised AML/CTF requirements now.
With a short lead time to compliance and limited AML/CTF experts across Australia, demand will only continue to increase as the compliance date approaches.
If you would like to discuss any of the above with one of our AML/CTF specialists, please reach out.
Learn more about how our Anti-Money Laundering reforms services can help you
The revised Australian AML/CTF Act 2024 introduces the concept of value transfer chains to enhance transparency and traceability in value transfers, including money, virtual assets, and property.
Australia's AML reforms are transitioning the initial Customer Due Diligence (CDD) requirements from the AML/CTF Rules to the AML/CTF Act, focusing on an outcomes-based framework to enhance clarity and effectiveness of CDD processes.
The International Funds Transfer Instruction (IFTI) reporting regime is a critical component of AML/CTF framework. It requires certain businesses to report international funds transfers to AUSTRAC.
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