Australian Bitcoin ATM rules:


Dear AUSTRAC,

Could you please advise on a crypto-currency issue? I am contemplating
undertaking a business using an atm/kiosk to exchange AUS dollars for
crypto-currnency. Firstly, ATM's can be owned and operated by
individuals. Secondly, the ATO recently declared that crypto-currencies
are subject to taxation. These two points suggest that this venture can
be done legally. Is there any issue AUSTRAC may have?


Re: Crypto-Currency
 
Thank-you for contacting the AUSTRAC Help Desk.
 
With respect to the application of the AML/CTF Act to your business, AUSTRAC is not in a position to provide comment specifically on this issue except to say that:
1         Ultimately, a reporting entity is responsible for ensuring that it complies with the requirements of the AML/CTF Act and associated Rules.

2         It is a matter for a reporting entity to determine what its obligations are under the AML/CTF Act.

3         If you remain uncertain about whether the Act applies to your business, you may wish to obtain your own legal advice on this question.

 
The view set out above is based on AUSTRAC’s role in promoting compliance with the AML/CTF Act and to ensure competitive neutrality between reporting entities
 
If you have any further questions, please call the AUSTRAC Help Desk on 1300 021 037 or email help_desk@austrac.gov.au
 
Yours sincerely, Aaron Moore



WTF! Anybody else got any info in regards to this?