Australia's current legislation

Disclaimer: This should not be construed as legal advice.

It is my understanding that trades from fiat to crypto currencies and back are not notifiable per KYC/AML legislation in amounts under AUD1000.00

Therefore even if Bitsquare were directly handling the fiat currency - which it does not - there would still be no issues to deal with, at the current exchange limits.

As evidence of this, see where any bill under AUD1000.00 can be paid with bitcoin.

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Yes that confirms to that what I heard that low amounts are outside of KYC/AML requirements. That is another reason (thought not the main reason) we keep the trade limit low to not trigger any pointless problems…

In many places these low limits without KYC/AML are limits/day. So low limits in Bitsquare help a lot but is not a complete answer. Better is the fact that the trades occur between individuals and I would assume individuals are under much less obligation to report trades.

Banks will flag persistent activity, even if it’s under the minimum amount. I suggest proceeding with caution anyhow.

We crypto user are all terrorists, you know.


This still true?