Crypto Advertising Crackdown Soon Hoped to Protect Australians
Crypto Advertising
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Carolyn Malcolm, Australian-born head of international policy at cryptocurrency security firm Chainalysis, believes the federal government will soon introduce regulatory reforms to provide high levels of consumer protection for everyday Australians. Regulations Possible Within the Next Year The former head of the OECD's Global Blockchain Policy Center told attendees at the Chainalysis Lynx conference in Sydney that he believes the rules will be implemented in the next six to 12 months. Malcolm suggested that Australia is likely to adopt a similar approach to the UK, which has brought crypto assets under similar governance for other financial products. Speaking in relation to Australian regulators and the local industry, he said that both have a "misunderstanding" about the level of risk in crypto, and that "the two need to work together to understand each other's obligations". Malcolm further argued that Australian regulators should work with global counterparts to ensure that one country's approach is at par with others. Although Australians made US$2.1 billion in cryptocurrencies during 2021, it is unclear how they fared in 2022, especially after the most recent recession.Arguably, this may be an opportune time to introduce sensible consumer regulations in alignment with other financial products.
Australian regulators will soon crackdown on cryptocurrency advertising. The Australian ASIC states that they will uphold policies within the financial markets in calling for crypto related advertisements to be discontinued. This move is part of an effort to protect Australians against fraud-related market losses and scams.