Australia has released the first step of its newly formed multi-year plan to regulate Bitcoin and crypto. In a statement made by Deputy Undersecretary of the Treasury Stephan Jones, the government’s “through the new plan”crypto- to ensure that the regulation of their assets protects consumers”.
The announcement highlights three key elements of a “multi-stage approach”, including “strengthening enforcement, promoting consumer protection and establishing a framework for reform”. It then aims to build an industry that protects consumers so that “true innovation can flourish.”
Australia Releases Crypto Regulatory Plan
Koinfinans.com As we reported, after the events of last year, it was always inevitable that 2023 would be dominated by crypto regulation discourse. As the industry was rocked by collapses such as the FTX scandal, various regulatory bodies sought a requirement to determine how these downfalls could be better avoided in the future.
Australia now bitcoin and announced the first step in a multi-year plan to regulate crypto. The press release highlights the ways this regulatory mess can arise. He first points to the growing size of the Australian Securities and Investments Commission (ASIC).
The statement states that the agency has “increased the size of its crypto team and increased enforcement measures.” It also encourages ASIC to “take particular care to ensure appropriate disclosure of risks to consumers.”
The statement also states that the Australian Competition and Consumer Commission (ACCC) is “increasing efforts to prevent fraud, including crypto assets.” Additionally, the plan will “establish a set of obligations and operational standards to ensure that crypto-asset service providers keep clients’ assets sufficiently secure.”
All in all, the reform aspects of the plan show that governments keep their perspective on “the risks and opportunities crypto poses for the future.” Finally, attention is drawn to the country’s government’s commitment to “secure the right to set policy to protect consumers and support innovation in this emerging sector.”