Crypto ‘Journey Rule’ Can’t Be Carried out in Australia Yet, Bureau Says

Australia, Investment TrendsAustralia’s Department of Home Affairs Evaluates the Cryptocurrency Journey Rule
While a “game-changer,” the Australian Division of Home Affairs stated on Friday that there aren’t yet enough technological resources to put the Financial Action Task Force’s (FATF) proposed “journey rule” for cryptocurrencies into effect. ZDNet claims that the FBI is holding off on enforcing the rule until after more technological advancements.

“It really depends on how it’s done, so a technical advancement that eliminates the majority of the labour may be revolutionary. Australia’s Assistant Secretary for Home Affairs, Daniel Mossop, stated, “We aren’t at that level yet globally, and there isn’t such a technological solution,” before the Senate Committee on Australia.

The travel rule was suggested by the FATF as a way to prevent access to illegal funds via digital channels. Furthermore, according to Nicole Rose, CEO of the Australian Transaction Reports and Analysis Centre (Austrac), her organisation is in charge of overseeing cryptocurrency exchanges in order to put anti-money laundering and counterterrorism financing regulations into effect. Regarding Australia’s legal stance on cryptocurrencies, Commissioner Cathie Armour made the following observation: “Is it as a separate category that they come up with includes all digital assets? Or is the focus more on determining which digital asset would fall under one of the pre-existing financial product categories?

Australia’s Initiatives to Combat Illicit Financing with Cryptocurrencies

Although there are additional aspects to consider before enacting a travel rule, the Division of Home Affairs does not rule out doing so in the near future, provided the prerequisites are satisfied. The largest cryptocurrency seizure in Australian history was recently made by the Victoria Police, who busted a dark web narcotics operation worth approximately AUD 8.5 million ($6 million) in digital assets.

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