Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Currency

Australian Government Releases First Steps To Regulate Crypto And Bitcoin

admin by admin
February 6, 2023
in Crypto Currency



The first steps of a multi-stage plan to regulate the cryptocurrency industry within Australia have been released.

The Australian government has announced the first step of what it calls a multi-stage approach 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) increasing the size of its crypto team and “upping enforcement measures.” These enforcement measures described include taking legal action when cryptocurrencies are marketed without appropriate financial licenses. In addition, the report describes that particular attention will be paid to making sure risks are properly disclosed to consumers.

These steps are intended to step up 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 the coordinated prevention and disruption of scams,” reads the report, indicating that the collection of data will be a major part of the operations.

In addition to the steps announced today, the government introduced a token mapping consultation paper addressing “which elements of the crypto ecosystem are sufficiently regulated and which require additional attention.” The paper addresses Bitcoin specifically, describing it as a cryptocurrency network with the intent to operate as a “peer-to-peer payment structure,” as a “new form of currency.” In addition, the use cases of Bitcoin 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-stage approach to cryptocurrency regulation is designed to protect consumers while also providing oversight and regulatory clarity, but it remains to be seen if this regulatory environment will stifle growth and innovation, or fulfill its intended purpose while harboring growth.



Source link

Previous Post

Spanish rehab center adds crypto trading addiction to services list

Next Post

South Korean Regulator Shares Rules for Security Tokens

Next Post

South Korean Regulator Shares Rules for Security Tokens

Recommended

Hacker Steals $6.9 Million From Arbitrum-Based Defi Protocol Lodestar Finance – Defi Bitcoin News

December 11, 2022

Sam Bankman-Fried’s lawyers request extension for bail condition proposal

February 25, 2023

Don't miss it

Crypto Mining

New Texas Resolution Aims to Protect Bitcoin Mining

March 22, 2023
Crypto Currency

Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

March 22, 2023
Ethereum

Bitcoin’s banking crisis surge will ‘attract more institutions’: ARK’s Cathie Wood

March 22, 2023
Crypto Currency

Core Scientific to Send $20M Worth of Mining Equipment to Settle Payment Dispute

March 22, 2023
Crypto Currency

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

March 22, 2023
Bitcoin

Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion – Finance Bitcoin News

March 22, 2023

© 2022 Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.