Australia’s New Crypto Transfer Rules Formally Take Effect in July

The “travel rule” stems from the Financial Action Task Force’s 2019 extension of Recommendation 16 to virtual assets. It requires transfer information to accompany transactions to combat money laundering and terrorist financing. Australia’s financial intelligence agency, AUSTRAC, will enforce the rule, bringing the country into line with the European Union, the United States and the United Kingdom. However, linking personal data to on-chain addresses has also raised concerns about data leaks.

From July 1, 2026, users of regulated Australian exchanges must provide the names of the originator and beneficiary, details of the transaction platforms and other information when sending or receiving cryptocurrency, regardless of the amount. Providers must collect, verify and share the required information. Newly regulated virtual asset service providers may submit their registration applications to AUSTRAC by July 29.