The first steps of a multi-stage plan to manage the cryptocurrency trade inside Australia have been launched.
The Australian authorities has introduced step one of what it calls a multi-stage method to tackling cryptocurrency regulation.
According to the announcement, “the multi‑stage approach has three elements: strengthening enforcement, bolstering consumer protection; and establishing a framework for reform.”
The first step begins with the Australian Securities & Investments Commission (ASIC) rising the scale of its crypto staff and “upping enforcement measures.” These enforcement measures described embody taking authorized motion when cryptocurrencies are marketed with out acceptable monetary licenses. In addition, the report describes that specific consideration can be paid to creating certain dangers are correctly disclosed to customers.
These steps are supposed to step up efforts concentrating on scams, particularly these 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 the coordinated prevention and disruption of scams,” reads the report, indicating that the gathering of information can be a serious a part of the operations.
In addition to the steps introduced as we speak, the federal government launched a token mapping session paper addressing “which elements of the crypto ecosystem are sufficiently regulated and which require additional attention.” The paper addresses Bitcoin particularly, describing it as a cryptocurrency community with the intent to function as a “peer-to-peer payment structure,” as a “new form of currency.” In addition, the use circumstances of Bitcoin are illustrated, together with its use as a retailer of worth, and as a medium of alternate, “particularly in emerging markets.”
The Australian authorities’s multi-stage method to cryptocurrency regulation is designed to guard customers whereas additionally offering oversight and regulatory readability, however it stays to be seen if this regulatory setting will stifle progress and innovation, or fulfill its supposed goal whereas harboring progress.
