Alchemy Pay’s Crypto Magic: Now Legally Spellbinding in Australia!

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Alchemy Pay, the modern-day sorcerers of the financial world, have officially donned the cloak of legitimacy, granted by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This magical license allows them to transform fiat cryptocurrency and vice versa, bringing crypto payments to a wider audience in Australia.

The team at Alchemy Pay, with their pointy hats held high, boasted that this registration further cements their reputation as a trustworthy fintech sorcerer, while they juggle compliance balls and Australian regulations for anti-money laundering and counter-terrorism financing. This approval also places them in the same magical circle as industry bigwigs like Kr.

“Our enchanting mission is to create a secure, compliant bridge between the muggle world of traditional finance and the magical realm of crypto. We’re thrilled to bring our spellbinding services to Australian users, all while adhering to regulations, building trust, and managing risks effectively in the region,” said Ailona Tsik, the Chief Marketing Witch at Alchemy Pay.

AUSTRAC: The New Sheriff in Crypto ATM Town

Last December, AUSTRAC, the regulatory sheriff, declared they’re tightening the reins on cryptocurrency ATM providers in Australia to ensure compliance with their anti-money laundering regulations. The regulatory body, with a stern face, pointed out the high risk of money laundering, scams, and fraudulent activities linked to digital currency., they’ve assembled a specialized posse to monitor digital currency exchanges offering ATM services.

Under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006, digital currency exchanges, including those with crypto ATMs, must register with AUSTRAC. They are required to monitor transactions, verify customers’ identities (KYC), report suspicious activities, and report cash transactions over10,000. Crypto ATMs operators who refuse to follow rules to verify customers, report suspicious activity, and address risks could face legal consequences.

Brendan Thomas, the AUSTRAC Sheriff, described the development as the first step in minimizing cryptocurrency usage for fraudulent activities in Australia. He said the agency will pay more attention to the crypto industry this year, with a magnifying glass and a stern gaze.

<>Top crypto providers such as MoonPay registered with the Australian Transaction Reports and Analysis Centre last September to operate as a digital currency exchange in Australia. It seems the gold rush to Australia is on!

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2025-01-28 03:25