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FACT SHEET: Setting up a cryptocurrency (Virtual Asset) exchange checklist – Technology

by The Future Coin
June 2, 2020
in Technology News
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Australia:

FACT SHEET: Setting up a cryptocurrency (Virtual Asset) exchange checklist

02 June 2020


Holley Nethercote commercial & financial services lawyers


To print this article, all you need is to be registered or login on Mondaq.com.

Before you set up a cryptocurrency exchange, determine the
structure of your cryptocurrency exchange:

  • Crypto to fiat or crypto to crypto

  • Virtual assets to be exchanged

  • Broker or market maker

  • Provide e-wallets

  • Centralised or decentralised

  • Other services (cross-border payments, etc)?

    • Draw up an end-to-end funds flow diagram

    • Determine what services will be provided in Australia

    • Set up an Australian entity (if required)

    • Seek legal advice on which Australian regulatory regimes
      apply

  • Do you need an Australian Financial Services Licence
    (AFSL)?

  • Do you need to comply with the Anti-Money Laundering and
    Counter-Terrorism Financing (AML/CTF)
    Regime?

    • Design and implement an AML/CTF Program including an AML/CTF
      Risk Assessment (if required)

    • Enrol and register as a Digital Currency Exchange with AUSTRAC
      (if required)

  • if exchanging cryptocurrency for fiat and vice versa, and

  • if geographical link to Australia

    • Prepare and lodge an AFSL application (if required)

    • If you will outsource any functions, ensure appropriate
      outsourced agreements are drafted and executed

    • Draft Terms and Conditions, Privacy Policy and Data Breach
      Policy for your exchange

    • Draft Financial Services Guide and Product Disclosure Statement
      (if required)

Next steps

Read our blog on 5 FAQs for setting up a cryptocurrency exchange in
Australia
.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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