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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a global push for tighter digital asset oversight, Australian watchdogs are backing legal amendments that grant the AUSTRAC CEO powers to limit or stop fund transfers via high-risk mechanisms like cryptocurrency. According to reports, these changes aim to replace the current case-by-case approach with broader, sector-wide interventions when significant harm to the financial system is identified. Furthermore, the scope of reporting entities is set to expand to include lawyers, accountants, and real estate professionals starting July 1.
These moves come as Australia faces mounting pressure to curb financial crimes; data from the Australian Competition and Consumer Commission (ACCC) indicates that crypto-linked scam losses reached a record 171 million dollars last year. This regulatory trajectory aligns Australia with other major financial hubs like Singapore, which have recently tightened compliance for Virtual Asset Service Providers (VASPs). Per market data, the expansion of the AML framework will bring over 100,000 new entities under regulatory supervision.
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Sign InTraders should monitor the impact of these regulations on local exchange liquidity as the July 1 implementation date approaches. According to the economic calendar, Westpac Consumer Confidence in Australia fell by 2.9% as of June 9, 2026, suggesting a sensitive environment for new financial restrictions. Market participants should also watch for upcoming statements from RBA officials regarding financial stability and the integration of these new regulatory powers.