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Australian cryptocurrency exchange operators must be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and meet the government’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations. A recent survey by the Australian Securities and Investments Commission (ASIC) found that, after Australian shares, cryptocurrency is the second most common type of asset held in Australia. Only 20% of cryptocurrency proprietors deemed their investment strategy “risky,” raising concerns that investors did not comprehend the hazards associated with this asset class. Some crypto exchange loyalty programs will even offer additional benefits, such as access to exclusive events and even a share of the platform’s trading fee revenue, so this feature is well worth investigating.
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