Australia Initiates Regulatory Checks on Virtual Asset Industry

Australia's financial intelligence agency, AUSTRAC, has announced the commencement of two special regulatory inspections within the country's virtual asset sector. According to Foresight News, one inspection targets 36 over-the-counter cryptocurrency exchange operators, focusing on their management of money laundering risks associated with cryptocurrency and fiat currency exchanges. The other inspection involves 27 local cryptocurrency exchanges, assessing their compliance readiness with the new regulatory framework. These checks align with Australia's anti-money laundering regulatory reforms effective March 31, which expand oversight from traditional exchanges to custodians, brokers, and other virtual asset service providers.