The first steps of a multi-step plan to regulate Australia’s cryptocurrency industry have been released.
The Australian government has announced the first step in what it calls a multi-step approach to tackling cryptocurrency regulation.
According to announcement, “The multi-step approach has three elements: strengthening law enforcement; strengthening consumer protection; and establish a framework for reform.
The first stage begins with the Australian Securities & Investments Commission (ASIC) increasing the size of its crypto team and “strengthening enforcement action.” These enforcement measures described include taking legal action when cryptocurrencies are traded without the proper financial licenses. In addition, the report describes that particular attention will be paid to the proper disclosure of risks to consumers.
These measures are intended to intensify efforts targeting scams, especially those involving cryptocurrencies.
“The government’s National Anti-Scams Centre, located within the Australian Competition and Consumer Commission (ACCC), will facilitate real-time data sharing and coordination of scam prevention and disruption,” the report said. , indicating that data collection will be a large part of operations.
In addition to the measures announced today, the government presented a Token Mapping Consultation Paper determine “which elements of the crypto ecosystem are sufficiently regulated and which need additional attention”. The document specifically discusses Bitcoin, describing it as a cryptocurrency network with the intention of operating as a “peer-to-peer payment structure”, as a “new form of currency”. Additionally, Bitcoin’s use cases are illustrated, including its use as a store of value and as a medium of exchange, “particularly in emerging markets.”
The Australian government’s multi-step approach to cryptocurrency regulation is designed to protect consumers while providing oversight and regulatory clarity, but whether this regulatory environment will stifle growth and innovation remains to be seen. or will fulfill its purpose while harboring growth.
