Australia Is Looking To Add More Tools to Its Police Force to Regulate the Crypto Sector Better

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Australia is expanding its crypto watchdog team better to protect consumers in the growing digital currency sector.

The state regulators are taking a hard stance against crypto scams and aim to end them.

The government is expected to release a statement regarding its thoughts on the proposed framework before making any decisions.

In response to the FTX exchange’s cataclysmic global collapse, Australia has declared its commitment to strengthening its regulatory bodies with additional resources.

To ensure the safety of investments in cryptocurrency, the Securities Commission Exchange (SEC) should bolster its personnel and better regulate the volatile crypto market.

In a recent announcement, Australia revealed its plans to give officials more power to monitor the cryptocurrency industry. It includes assigning extra resources to their securities regulator to ensure that it is adequately supervised.

Treasurer Jim Chalmers has declared that the Australian Securities and Investments Commission (ASIC) will expand its personnel size while concurrently emphasising the importance of digital assets and upholding appropriate enforcement actions.

As the number of requests for crypto ransom payments has skyrocketed, the Australian Competition and Consumer Commission is taking decisive action to stamp out these fraudulent schemes.

The government is considering creating bitcoin custody and licensing regulations to protect consumers from potential harm.

This year, the government is poised to provide feedback on a comprehensive plan for this subject before ratifying any regulations.

As the “buy now, pay later” industry continues to grow and develop, a regulatory framework will be implemented to ensure its continued success.

The reports elucidated that obtaining a licence is now easier than ever for businesses, as they can discern whether or not it is necessary.

Chalmers declared that the national regulatory structures cannot match today’s ever-evolving and dynamic financial environment.

The advent of the digital era has presented both new possibilities and new hazards in the field of finance,” Chalmers said. 

Chalmers seeks to provide an optimal framework to foster further innovation while simultaneously adhering to regulatory guidelines that protect consumers, businesses, and the system.

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