Investing.com - Australia has announced plans to regulate digital currencies such as bitcoin.The move will bring bitcoin providers under the remit of Austrac, the government's financial intelligence agency.Australia also plans to strengthen its anti-money laundering laws.The regulatory shake-up comes after a money laundering scandal involving Commonwealth Bank of Australia. Australia’s move to regulate cryptocurrencies follows a similar decision by Japan.Japan was the first country to take such action.Tokyo’s decision to regulate bitcoin followed the 2014 bankruptcy of Mt Gox, the world’s largest virtual currency exchange.By regulating the currency, Japan officially recognized bitcoin as a legal method of paymentAnalysts say this has helped the price of bitcoin surge to record highs.