Australia’s financial intelligence agency sees bitcoin as an emerging threat, and so it must be regulated under stricter laws.

The country is currently in the process of overhauling its anti-money laundering and counter-terrorism finance laws, and so the subject of the popular digital currency is bound to come up sooner or later. Austrac, or the Australian Transaction Reports and Analysis Centre, released a report in which it posited that “electronic, online and new payment methods” are posing an emerging terrorism financing risk.

“Terrorist groups engaged in radicalization, recruitment and communication online (such as through social media) are a particularly high risk of using online payments systems and digital currencies,” the agency said in its report.

Austrac, however, wasn’t able to provide a credible evidence that bitcoin is being used for funding terrorist groups, although the agency’s acting manager for strategic intelligence and policy, Brad Brown, pointed out some global incidents where the “misuse of bitcoin” were shown, such as the infamous Mt. Gox snafu and the Silk Road online black market.