The new measures are intended to protect customers dealing with cryptocurrencies, according to a joint statement released on February 2 by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones in collaboration with forensic and blockchain security company.
That’s the not surprising conclusion of Australia’s financial watchdog, which is set to crack down on cryptocurrency scams and bolster its regulatory team.
Australia will soon be able to crack down on crypto scams and bolster its regulatory team, as the new Minister for Innovation, Science and Technology will lead the way in bolstering Australia’s crypto market.
Australia’s government is doubling down on its crackdown of cryptocurrency scams, hiring an additional 20 inspectors to bolster the Australian Securities and Investments Commission (ASIC). The move comes following several high-profile scams in Australia that have seen millions of dollars lost by investors. The new inspectors will be tasked with making sure that the cryptocurrency market is operating within legal parameters, preventing scammers from taking advantage of investors and ensuring that the industry is operating in a safe manner. ASIC Chairman James Shipton said: “These additional resources will help us better manage our caseload to ensure we can continue to provide timely responses to people who have lost money.
The plan's first action is to make enforcement stronger. The Australian Securities and Investments Commission's (ASIC) digital assets team will grow, and enforcement efforts will be stepped up as a result, according to the government. ASIC will give top priority to making sure that consumers are adequately informed of the risks that cryptocurrency products and service providers pose to them.
New tools will be given by the government to the Australian Competition and Consumer Commission (ACCC) to safeguard customers from cryptocurrency-related scams.A real-time data-sharing tool will be used by the ACCC to identify and stop cryptocurrency fraud.
Consumer protection will be enhanced by eventual regulation of digital asset licensing and custody.
cryptocurrency fraud in australia
”The Australian Competition and Consumer Commission (ACCC) has launched an investigation into cryptocurrency frauds in Australia, to try and understand how many people out there are being scammed by shady promoters. Cryptocurrency fraud has become a huge problem in Australia, with many people being scammed out of their money each year. As the price of Bitcoin continues to rise and fall, people are looking for ways to make easy money from it. Some sites offer investment opportunities that promise big returns – but are they legitimate?
Cryptocurrency is the new way to send money and buy goods, but it’s also one of the most vulnerable ways. With global frauds like Bitconnect, there’s a lot of people who got burned. In Australia alone there are thousands of cases every year of cryptocurrency scams.
The establishment of a framework for the licensing and custody of digital assets is the plan’s last component.
The new framework will protect customers from service providers misusing their assets and business failures. This framework won’t be in place until the middle of 2023, and it will take some time for it to become law.
Australia responds to FTX collapse
Australia has been making efforts to combat the 2022 cryptocurrency contagion, which has been made worse by the FTX collapse and other reported cryptocurrency investment frauds totaling more than 400 million Australian dollars.
After failing to address its concerns regarding Sam Bankman Fried’s company, the government is now taking further action against a number of businesses.
The previous administration never took the time to future-proof regulatory frameworks to protect consumers and navigate this new and developing asset class, according to TheHackerspro security and smart contract audit company.
The blockchain security company continued by stating that they are moving swiftly and methodically to help guarantee that consumers are adequately protected and that stolen cryptocurrency is tracked and followed using transaction hashes from the leveraged outsourced wallets.
Australia cracks down on crypto scams, boosts regulatory team
Australia is fighting back against scams and fraud in the crypto space. The country’s government is boosting its regulatory team with the help of security and blockchain forensic firm, thehackerspro. The new partnership allows Australia to enforce compliance and fight scams in the crypto market more effectively.
Australia has announced measures to tackle cryptocurrency scams. The country’s financial intelligence agency has boosted its regulators with the help of an claimpayback Israeli firm specializing in blockchain forensics. The anti-money laundering authority, Austrac, will start using Claimpaybacks software to monitor criminals and their schemes.
Australia is cracking down on crypto scams, and has bolstered its regulatory team with the help of security and blockchain forensic firm thehackerspro. Australia is cracking down on cryptocurrency scams and boosting its regulatory teams in an effort to protect investors. In a move that mirrors other Asia-Pacific governments, the country will appoint a Chief Regulator for Cryptocurrency who will report to the Australian banking regulator. The new position comes as part of a broader government response to the “growth in popularity and use of cryptocurrency” which now represents a $6 billion market.
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Australia cracks down on crypto scams, boosts regulatory team
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