Austrac crypto Travel Rule - Forcing users to become full-fledged bitcoiners

[noorman0]

AUSTRAC will require all VASPs to implement increased AML checks under the crypto Travel Rule starting July 1st. This aligns with a list of planned cryptocurrency regulatory reforms since 2025, some of which have been in effect since March 31st specifically for legacy service providers.

Detail of AML/CTF policies for virtual asset transfers.
This sounds similar to the practice of local Philippine-based exchanges, where users must go through multiple verification processes for each transfer.

The change has prompted some Bitcoin (BTC) holders to move coins off exchanges early. Reports of withdrawal delays and fresh verification steps have spread through Australian crypto communities ahead of the deadline.

[hugeblack]

All these laws will do is force more people to withdraw their funds and then resort to informal (or at least unlicensed) channels to convert these funds into cash and use the cash to make payments.

This is the perfect environment for money laundering to flourish.