Australian regulatory authorities list cryptocurrency as the primary threat in financial crime crackdown actions

According to Decrypt, Australia's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), announced on Wednesday that cryptocurrency has been listed as the top threat in financial crime crackdowns and announced regulatory priorities, marking Australia's "largest anti money laundering legal reform in a generation". Its CEO Brendan Thomas stated that priority will be given to law enforcement in the areas with the highest risk of harm, with a particular focus on digital currency exchanges and virtual asset service providers, as they enable instant global transfers. After the expansion of the regulatory scope, about 80000 new enterprises will be included in the so-called "second stage" industry regulatory scope, including real estate brokers, lawyers, property transferors, accountants, trust and company service providers, as well as precious metal and gemstone traders. Companies currently required to fulfill reporting obligations will face new regulatory requirements starting from March 31, 2026, while companies in the second phase must complete compliance by July 1, 2026.