Australia Unveils Crypto Regulation Blueprint To Protect Consumers – Coinpedia Fintech News

The year 2022 was a defining moment for the cryptocurrency industry as major events impacted the expansion and advancement of cryptocurrencies. 2022 was a year filled with events that affected the future of the cryptocurrency sector, from highs and lows to technological developments and regulatory difficulties. 

Major events like the Ethereum Gas Fees Crisis, China’s Cryptocurrency Ban, the Impact of Elon Musk’s tweets, the Binance Hack, the DeFi market correction, and most importantly the FTX collapse, the cryptocurrency markets witnessed a terrible rollercoaster ride. As a result, countries are now trying to amp up their crypto regulations, with some countries banning it completely.

Australia is the latest to join in on regulating crypto. 

The Australian multi-stage approach 

Stephen Jones, Assistant Treasurer and Minister for Financial Services have explained the latest regulations that Australia shall bring forth for crypto assets. He has shared the government’s intention to “Ensure the regulation of crypto assets protects consumers,” through the new plan.

The announcement includes three primary elements of a “multi-stage approach.” These are “strengthening enforcement, bolstering consumer protection, and establishing a framework for reform.” subsequently creating a sector that protects consumers in order to guarantee that “true innovation can flourish.” 

2023 was always going to be dominated by the discussion about crypto legislation in light of the events of last year. A multi-year strategy to regulate Bitcoin and other cryptocurrencies have now been unveiled by Australia. The news release outlines the potential outcomes of this regulatory change, first highlighting the expansion of The Australian Securities and Investments Commission (ASIC).

How does ASIC want to regulate? 

The agency is expanding the number of its crypto team and stepping up enforcement efforts, according to the announcement. Encourages ASIC to pay strict attention to ensuring that consumer risks are reported in the right manner.

The Australian Competition and Consumer Commission (ACCC) is also increasing efforts to combat frauds, particularly those involving crypto assets, according to the press release. In order to guarantee that providers of crypto asset services are appropriately safeguarding consumers’ assets, the plan will also establish a set of requirements and operating criteria for them.

To conclude

Australia has joined the list of nations that have attempted to regulate cryptocurrency. India, China, the United States, South Korea, and South Africa have all made active measures to regulate the cryptocurrency industry.

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