AGO Roundtable

The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Reform Consultation Roundtable, organized with the Attorney-General’s Office (AGO), provided a focused platform for key industry participants, including ABIB, to engage directly with policymakers on proposed reforms to Australia’s AML/CTF laws. This consultation was crucial for addressing the challenges and opportunities within the Bitcoin-only sector under the current regulatory framework.

ABIB’s participation in the AGO’s consultation aimed to ensure that Bitcoin-only businesses are not disproportionately impacted by broad AML/CTF reforms, which often group Bitcoin with high-risk cryptocurrencies.

The discussion focused on several key areas:

• Regulatory clarity for Bitcoin-only exchanges, ensuring they are not unfairly subjected to the same burdens as those handling more volatile digital assets.
• Distinguishing between custodial and non-custodial platforms to ensure that regulations are appropriately tailored to the risks associated with different service models.
• Reducing compliance costs for small and emerging Bitcoin operators, thereby promoting innovation while maintaining strong anti-money laundering and counter-terrorism safeguards.

Through its contributions, ABIB continues to advocate for a balanced and proportional regulatory framework that supports the growth of the Bitcoin industry while aligning with Australia’s national security interests​​.