The Australian government has started to take measures against the rapidly increasing cryptocurrency scams lately.
The Australian government has increased by 162 percent in 2022, reaching $221 million. crypto currency scambegan to take measures. australian government supports crypto and crypto businesses with appropriate risk disclosures. He expressed that the market regulator supports the digital asset team as part of the “multi-stage approach”.
Australian Government Turns To Crypto Sector
AustraliaFinance director Jim Chalmers and MaliAssistant Consultant Stephen Jones made joint statements. In their statement on February 2, they stated that they aim to protect crypto money users by taking new measures. Authorities, “multi-stage approach”consumer protection and support, strengthening the application, creating crypto mapping reform.
This is why we're taking action on crypto. pic.twitter.com/17HG5nhsTz
— Stephen Jones MP (@StephenJonesMP) February 2, 2023
One of the main changes made is the Australian Securities and Investments Commission’s (ASIC) There will be an expansion of the digital assets team and an increase in enforcement measures. Chalmers and Jones, ASIC’sHe stated that they will try to explain the risks in the crypto sector to consumers in an appropriate way.
The government has started to work to prevent fraud in the crypto sector. To the Australian Competition and Consumer Commission, the country’s competition watchdog. (ACC) getting ready to give new tools. It is stated that the new tool will be a real-time data sharing tool of ACC.
Treasury officials, “The previous government dealt with crypto policy, but never took the time to future-proof our regulatory frameworks to protect consumers and guide this new and emerging asset class.”said and added:
We act quickly and methodically to ensure that consumers are adequately protected and true innovation can flourish.
