Alchemy Pay Receives AUSTRAC Approval as Digital Currency Exchange Provider in Australia
Alchemy Pay has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a Digital Currency Exchange Provider in Australia. This registration allows Alchemy Pay to facilitate secure fiat-to-crypto conversions, enhancing accessibility for Australian users.
- The approval strengthens Alchemy Pay's reputation and ensures compliance with Australian anti-money laundering and counter-terrorism financing regulations.
- It positions Alchemy Pay alongside established players like Kraken in the industry.
- CMO Ailona Tsik emphasized the company's commitment to creating a compliant infrastructure connecting traditional finance with crypto.
- The initiative aims to build trust and effectively manage risks in the Australian market.
AUSTRAC Oversight on Crypto ATMs
AUSTRAC is intensifying oversight of cryptocurrency ATM providers to ensure compliance with anti-money laundering regulations. The agency noted the high risk of money laundering and fraud associated with digital currencies.
- Under the AML/CTF Act 2006, digital currency exchanges must register with AUSTRAC, monitor transactions, and perform customer identity verification.
- Operators failing to adhere to these regulations may face legal consequences.
- AUSTRAC CEO Brendan Thomas stated this action is crucial in minimizing fraudulent cryptocurrency usage in Australia.
- Other providers, such as MoonPay, have also registered with AUSTRAC to operate in Australia.