Alchemy Pay’s AUSTRAC registration enables expanded crypto services in Australia, strengthening compliance, partnerships, and global regulatory efforts for growth.
By Temitope Olatunji
Edited by Marco T. Lanz
Updated
2 mins read
Alchemy Pay has officially registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), giving it the authority to operate as a Digital Currency Exchange Provider in Australia. This approval allows the company to offer secure services for converting fiat to cryptocurrency and vice versa, making crypto payments more accessible to Australian users.
The team mentioned that securing the registration further boosts Alchemy Pay’s reputation as a reliable fintech provider while ensuring compliance with Australian regulations for anti-money laundering and counter-terrorism financing. The approval also places Alchemy Pay with major industry players like Kraken, which operates under similar regulations.
The CMO at Alchemy Pay, Ailona Tsik, emphasized the company’s focus on creating a secure, compliant bridge between traditional finance and the crypto world. She added that the company is excited about delivering its services to Australian users while prioritizing adherence to regulations, fostering trust, and managing risks effectively in the region.
“Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy. We’re excited to bring our services directly to Australian users, committing to regulatory engagement for legal compliance, stakeholder trust-building, and effective risk management in Australia,” Tsik noted.
Last December, AUSTRAC released a report stating it is intensifying its oversight of cryptocurrency ATM providers in Australia to ensure compliance with its anti-money laundering regulations. The regulatory body cited the high risk of money laundering, scams, and fraudulent activities linked to digital currency. Hence, it has created a specialized task force 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 over $10,000. Crypto ATMs operators who refuse to follow rules to verify customers, report suspicious activity, and address risks could face legal consequences.
AUSTRAC CEO Brendan Thomas 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.
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.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
