Home Technology Australian Market Regulator Protects Public From Crypto Harm –

Australian Market Regulator Protects Public From Crypto Harm –

Australian Market Regulator Protects Public From Crypto Harm –
  • ASIC has released its latest “business plan”.
  • Regulators will focus on crypto asset frauds and scams.

Australia’s Securities and Investments Commission has pledged to keep crypto assets and decentralized finance (DeFi) rigidly in its sights for the next four years.

According to ASIC’s latest ‘business plan’, released on Tuesday, the financial regulator revealed it will focus on ‘digital misconduct’ as ‘technology and product growth changes our monetary environment’ as that segment of its calculation over four years. plan that extends until 2026.

Australian Securities and Investments Commission Chairman Joe Longo revealed that the regulator will focus on fraud and crypto-assets in particular.

“Our regulatory ecosystem is changing and growing – climate risk, our crumbling population, the rise of data and digital technologies, and notable ups and downs in the crypto-asset market all have the power to change dramatically.”

He pointed out that Scamwatch received 4,783 reports of crypto investment fraud and a loss of $99 million in 2021.

Benefits of the act

According ASICsthe law will help protect investors from harm caused by crypto-assets” while supporting the development of a productive regulatory structure, executing and observing the regulatory model for exchange-linked products, and raising public awareness the risks inherent in cryptocurrency-assets and DeFi, among other acts.

Writing in the Sydney Morning Herald on Wednesday, Longo warned against investing in crypto and described it as “an extremely risky and highly variable act.” Customers “should be very careful before doing so”.

ASIC is not against any transformation and will do anything that contributes to seemingly legal ways of using the underlying technology, distributed ledger and blockchain technology, but it is something not to be confused with investing, inverted commas, in crypto assets.

ASIC announced shortly after that the Australian government plans to proceed with the laws of the crypto sector by conducting a “token mapping” exercise by the end of 2022.

“The law is coming.”

Virtual coins and exchanges are currently only regulated irresponsibly, as exchange regulators only have to follow the Australian Transaction Reporting and Analytics Center (AUSTRAC) Anti-money laundering regulations and occasional provisions of the Companies Act.

There are many crypto assets and currencies, and Longo mentions that “the law is coming,” but “we will have to prepare a structure that suits us.

Nancy J. Allen
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