Scams Surrounding Digital Currencies Are Being Addressed More Aggressively by Australian Regulators

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Australian authorities have increased their efforts to tackle digital currency scams. The government recently outlined a “multi-stage approach” to ensure that industry service providers continue to play by the rules.

The Digital Currency Scams

As the virtual currency industry proliferates, regulators are determined to protect consumers from potential fraud and other risks. To this end, the Australian Securities and Investments Commission (ASIC) has announced plans to develop a tailored regulation regime for financial service providers dealing in digital currencies.

“We will establish a set of obligations and operational standards for crypto asset service providers to ensure they adequately safe-keep assets for customers,” said the Australian Treasury.

“This will ensure consumers are protected from avoidable business failures or from the misuse of their assets by service providers.”

In the wake of a catastrophic year that saw Australians lose more than $200 million to virtual currency scammers, Australian authorities are stepping up their efforts to protect consumers. 

The Australian Competition and Consumer Commission (ACCC) has launched a nationwide public awareness campaign to educate people about digital currencies and their associated risks.

Blockchain & Cryptocurrency Laws

The Australian government is taking a proactive approach to ensure the safety of consumers when it comes to virtual currency transactions. They have announced plans to develop a tailored regulatory regime for financial service providers in digital currencies as part of their multi-stage approach.

This will involve establishing a set of obligations and operational standards for crypto asset service providers to ensure that customer assets are adequately safe-kept.

In addition, the Treasury has also launched a token mapping project to monitor and track virtual currency transactions, making it easier for regulators to identify suspicious activities. The government intends to “work methodically” with industry players and stakeholders to mitigate consumer risks.

These initiatives demonstrate Australia’s commitment to staying ahead of the curve in regulating digital currencies and related services – protecting consumers from potential harm while encouraging innovative solutions for businesses operating within this rapidly evolving space.

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