Our company is now registered with AUSTRAC and expected to comply with the official anti-money laundering and counter-terrorist financing regulations – a necessary step for any Australian crypto business seeking to gain widescale adoption with mainstream consumers.
As a forward-looking business with both deep roots in the crypto world and ambitions far beyond it, Incent has always understood the need to work with relevant regulators. It is only by operating within the evolving regulatory frameworks that we will be able to bring the advantages of cryptocurrency, and specifically our crypto rewards platform, to the wider public.
That’s why it is such big news that we are now registered with AUSTRAC, the Australian Transaction Reports and Analysis Centre. AUSTRAC is the government’s financial intelligence agency, and was set up to monitor and help prevent financial crime – from money laundering and tax evasion to terrorist financing. For obvious reasons, they have taken a keen interest in bitcoin and cryptocurrencies.
At Incent, as well as issuing digital rewards to consumers for going about their everyday shopping, we want to make it as easy as possible for people to transfer that digital value to other users within our platform – in addition to enabling them to withdraw it to an external wallet, so they can store it themselves or trade it on an exchange. We have already made considerable efforts to ensure we follow best practices, requiring customers to verify their identities with us before they move their Incent tokens off-platform.
‘We’re anticipating making full use of everyday Australians’ enthusiasm for crypto in the coming months. AUSTRAC registration gives our customers greater confidence and allows us to show other crypto businesses what best practice looks like – which is vital if we’re to do what we set out to do, and put crypto rewards into the hands of millions of everyday consumers.’- Rob Wilson, Incent CEO
Australia is one of the most crypto-friendly jurisdictions in the world, and registration with AUSTRAC shows that Incent and the country as a whole are open for crypto business – bringing the benefits of an entirely new asset class to consumers through partnerships with both local stores and major national and global brands.