Australia is tightening its grip on the cryptocurrency industry with proposed stricter Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) rules. These measures, introduced by AUSTRAC, aim to close regulatory gaps and boost oversight in high-risk sectors like crypto exchanges, legal services, and real estate. Key changes include enhanced customer due diligence and stricter international transfer rules. The draft framework, open for public feedback until February 14, 2025, seeks to balance rigorous standards with reduced compliance burdens through an outcomes-based model. This move is part of Australia's broader effort to curb financial crime in the crypto space.