Translation of virtual assets to Australian currency
19 Translation of virtual assets to Australian currency
In determining, for the purposes of this Act, whether the value of a virtual asset is not less than an Australian dollar amount, the value of the virtual asset is to be translated to Australian currency in accordance with the method specified in the AML/CTF Rules.
25 Part 6A (heading)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
26 Section 76
Omit “digital currency exchange” (wherever occurring), substitute “virtual asset”.
27 Section 76
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
28 Division 2 of Part 6A (heading)
Omit “digital currency exchange”, substitute “virtual asset”.
29 Section 76A (heading)
Omit “digital currency exchange”, substitute “virtual asset”.
30 Subsection 76A(1)
Repeal the subsection, substitute:
Registrable virtual asset services
A person (the first person) must not provide a registrable virtual asset service to another person if the first person is not a registered virtual asset service provider.
31 Subsection 76A(2)
Omit “digital currency exchange”, substitute “virtual asset service”.
32 Section 76B (heading)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
33 Subsections 76B(1), (2) and (3)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
34 Subsection 76B(4)
Omit “Digital Currency Exchange” (wherever occurring), substitute “Virtual Asset Service Provider”.
35 Section 76C (heading)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
36 Section 76C
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
37 Subsection 76D(1)
Omit “digital currency exchange”, substitute “virtual asset service”.
38 Paragraph 76G(2)(a)
Omit “digital currency”, substitute “virtual assets”.
39 Paragraph 76G(2)(b)
Omit “volume of digital currency”, substitute “volume of virtual assets”.
40 Paragraph 76G(2)(b)
Omit “digital currency”, substitute “virtual asset”.
41 Paragraph 76G(2)(c)
Omit “digital currencies”, substitute “virtual assets”.
42 Paragraph 76G(2)(d)
Omit “digital currency”, substitute “virtual assets”.
43 Paragraph 76H(1)(b)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
44 Subsection 76J(2)
Omit “digital currency exchange”, substitute “virtual asset”.
45 Paragraphs 76K(2)(d) and 76L(2)(d)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
46 Section 76M (heading)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
47 Subsection 76M(1)
Omit “digital currency exchange”, substitute “virtual asset service”.
48 Subsections 76M(1), (2) and (3)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
49 Section 76R
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
50 Subsections 142(1) and (2)
Omit “digital currency”, substitute “virtual asset”.
51 Paragraph 142(3)(a)
Omit “digital currency”, substitute “virtual asset”.
52 Paragraph 184(1A)(e)
Omit “digital currency exchange”, substitute “virtual asset”.
53 Paragraph 228A(2)(c)
Omit “Digital Currency Exchange”, substitute “Virtual Asset Service Provider”.
54 Section 233B (table item 3A)
Omit “digital currency exchange”, substitute “virtual asset service”.
Part 2—Contingent amendments
Proceeds of Crime Act 2002
55 Section 338 (paragraph (ea) of the definition of account)
Repeal the paragraph, substitute:
an account relating to a *virtual asset, including:
an account representing an amount, or the value, of a virtual asset; and
an account provided as part of a *registrable virtual asset service.
56 Section 338 (paragraph (h) of the definition of account)
Repeal the paragraph, substitute:
in the case of an account relating to a virtual asset—the balance of the account is expressed as an amount, or the value, of the virtual asset, or an amount of Australian currency or any other currency.
57 Section 338 (definitions of digital currency and digital currency exchange)
Repeal the definitions.
58 Section 338 (paragraph (i) of the definition of financial institution)
Omit “*digital currency exchange”, substitute “*registrable virtual asset service”.
59 Section 338
Insert:
registrable virtual asset service has the meaning given by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
virtual asset has the meaning given by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
Schedule 7—Definition of bearer negotiable instrument
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006
1 Section 17
Repeal the section, substitute:
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