Crypto and AML/CTF: big changes coming
🚨 Big changes are coming for crypto in Australia. If you're in the virtual asset space, this affects you.
From 31 March 2026, the AML/CTF regime gets a major upgrade.
“Digital currency” is out. “Virtual asset” is in.
This aligns Australia with global FATF standards, and expands the scope significantly.
So what counts as a virtual asset?
Think crypto, NFTs, governance tokens. Anything digital that holds value and can be traded, stored or transferred electronically.
But not everything digital is in scope.
Game tokens, loyalty points, and non-convertible credits are excluded.
The new rules introduce designated services for virtual assets:
Safekeeping services
Exchange with fiat
Exchange between virtual assets
Financial services tied to virtual asset offerings
If you offer any of these, you’ll need to register with AUSTRAC on the Virtual Asset Service Provider (VASP) Register.
Operating without registration after 31 March 2026? That’s a breach.
Registration isn’t just a formality.
You’ll need to show AML/CTF compliance, risk assessments, key personnel checks, and detailed service disclosures.
💡 Here’s another major shift: transfers of value under the AML/CTF Act will include virtual assets.
That means new obligations for every link in the value transfer chain.
Ordering institutions, intermediary institutions, and beneficiary institutions must now comply when transferring virtual assets.
If you're facilitating transfers - whether initiating, passing on, or receiving - you’re in scope.
Crypto exchanges, wallet providers, and even DeFi platforms may be caught by this
Crypto ATMs? You’ll face enhanced due diligence requirements.
Why? Because physical currency + crypto = high ML/TF risk.
Bottom line: If you’re in crypto, now’s the time to prepare.
Review your services. Check if they’re registrable. Start compiling your compliance docs.
AUSTRAC wants you registered before you provide the new designated services from 31 March 2026.
The future of crypto in Australia is regulated. Be ready.