Binance Australia’s General Manager Ben Rose recently provided some perspective on digital asset laws. He explained that while the laws governing cryptocurrencies vary from jurisdiction to jurisdiction, they all have two basic requirements: anti-money-laundering/combating the financing of terrorism (AML/CFT) and consumer protection. Rose said that all jurisdictions require some level of consumer protection to ensure consumers understand their investments and the potential risks associated with them. At the same time, any company providing services related to digital assets must comply with anti-money-laundering and combating the financing of terrorism laws to protect customers from potential harm. Rose noted that while the laws governing digital assets vary, they are becoming increasingly more harmonized as countries are sharing best practices and cooperating to develop globally accepted standards. He concluded by noting that compliance with these laws is key to the growth of the industry and the health of all involved.
