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Category: CRYPTO NEWS
The post IOTA Advocates for Flexible AML/CTF Reforms in Australia appeared on BitcoinEthereumNews.com. Luisa Crawford May 16, 2025 02:32 IOTA Foundation supports AUSTRAC’s proposed AML/CTF reforms, emphasizing a flexible, risk-based compliance approach to foster innovation while maintaining financial safeguards. In a move to modernize financial regulations for the digital age, Australia’s AUSTRAC has proposed updates to its Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) framework. According to the IOTA Blog, the IOTA Foundation has expressed strong support for these reforms, advocating for a flexible, risk-based approach to compliance that balances innovation with necessary safeguards. IOTA’s Perspective on AML/CTF Reforms The IOTA Foundation views the proposed AML/CTF updates as a crucial step in aligning Australia’s regulatory framework with global best practices. The foundation stresses that regulations like AML and CTF are vital for protecting financial systems and maintaining societal trust. However, they argue that these measures should not act as mere bureaucratic hurdles but should be powerful tools that empower innovation. Advocating for a Risk-Based Approach One of the key recommendations from IOTA is the adoption of a risk-based approach to Customer Due Diligence (CDD). The foundation argues that treating all transactions equally, regardless of their size, creates unnecessary friction. They suggest that micropayments and low-value transfers should not be subjected to the same rigorous CDD as high-risk transactions. Instead, IOTA proposes utilizing blockchain analytics and decentralized identity tools to maintain compliance without stifling inclusivity. Recognizing Business Diversity IOTA also highlights the need for regulatory flexibility to accommodate the diverse structures of businesses, particularly smaller Virtual Asset Service Providers (VASPs). The foundation points out that imposing the same compliance requirements on small entities as on global corporations could be burdensome. They recommend options such as self-certification or third-party audits to ease compliance without compromising standards. Adapting to the Realities of Web3 The evolving crypto ecosystem, characterized by Decentralized Autonomous Organizations (DAOs) and non-custodial wallets,…
2025-05-16T03:43:09+00:00