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22/08/17
17:51
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Originally posted by AverageJoe
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Operators of exchanges for digital currencies like bitcoin face jail and hefty fines if they are not registered byAUSTRAC , under draft laws aimed at curbing money laundering.
Operators face up to seven years and $420,000 fines for repeat offences under changes designed to stop the technology being exploited by criminals to launder money and finance terrorism."
smh.com.au
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As expected, bitcoin popularity now under the microscope for criminality. Monetary and Govt regulations are the black swan events facing this new medium. There is no free lunch!
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Criminal organisations will launder money, they always have and always will. I'd imagine terrorism is pretty well funded for a while after Qatars $1b payoff.