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Australian regulators have listed Crypto Assets as the primary threat in the crackdown on financial crime.
CoinVoice has recently learned that, according to Decrypt, the Australian financial intelligence agency - the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced on Wednesday that it has classified cryptocurrencies as the primary threat in its fight against financial crime, and released regulatory priorities, marking the "largest anti-money laundering law reform in Australia in a generation." Its CEO Brendan Thomas stated that enforcement will be prioritized in areas with the "highest risk of harm," particularly focusing on digital currency exchanges and virtual asset service providers, as they enable instant global transfers.
After the expansion of the regulatory scope, approximately 80,000 new businesses will be included in the so-called "second phase" of industry regulation, which includes real estate agents, lawyers, property transfer professionals, accountants, trust and company service providers, as well as precious metals and gem traders. Businesses currently obligated to report will face new regulatory requirements starting from March 31, 2026, while second phase businesses must achieve compliance by July 1, 2026.