Authorities strikes to tighten guidelines for crypto

Tighter rules on the burgeoning cryptocurrency market will likely be launched in an try to guard the estimated a million Australians dabbling within the sector.

Treasurer Jim Chalmers introduced a string of measures on Friday, together with strengthening enforcement of crypto suppliers and bolstering client protections.

The rules comply with final 12 months’s spectacular collapse of FTX, one of many world’s largest cryptocurrency exchanges, which left hundreds of Australian buyers out of pocket.

Globally, market watchdogs have been involved individuals are entrusting their digital belongings to a buying and selling platform and mistakenly assume they’ve the identical protections as when shopping for shares on-line.

Monetary Providers Minister Stephen Jones mentioned the reform would defend crypto-curious Australians and mitigate dangers to the financial system.

“(It’s about) defending shoppers, defending our monetary system and cracking down on criminals,” he instructed ABC TV on Friday.

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Underneath the modifications, monetary regulator ASIC will enhance the scale of its cryptocurrency staff and work to teach shoppers about monetary dangers, whereas the federal government will set up requirements for crypto asset suppliers.

With greater than $221 million paid to scams through crypto belongings in 2022, the announcement additionally outlined a rise in anti-scam efforts by the patron watchdog and the Nationwide Anti-Scams Centre which is able to facilitate real-time knowledge sharing to forestall and disrupt scams.