Australian Markets Regulator Will Prioritize Protecting Citizens From Crypto Harm
Part of his actions will be to raise awareness of the risks inherent in crypto-assets and decentralized finance.
New
Australia's financial regulator, Australia's Securities and Investments Commission (ASIC), has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years.
According to ASIC's newly released 'Business Plan' published on Tuesday, the financial regulator said it would focus on 'digital misconduct' as 'emerging technologies and products change our ecosystem financial" as part of its four-year strategic plan which extends until 2026.
Joe Longo, chairman of ASIC, said the regulator will focus in particular on scams and crypto-assets.
"Our regulatory environment is changing and evolving: climate risk, our aging population, emerging data and digital technologies, and significant volatility in the crypto-asset market are all having a transformational impact."
He noted that Scamwatch, a website that provides information to consumers and businesses on how to recognize, avoid and report scams, received 4,783 reports of crypto investment scams and 99 million dollars of losses reported in 2021.
ASIC said the actions will “protect investors from harm caused by crypto-assets” and include support for the development of an effective regulatory framework, implementation and monitoring of the regulatory model for crypto-related products. the stock market and raising public awareness of the risks inherent in crypto-assets and DeFi, among other actions.
In a Sydney Morning Herald report on Wednesday, Longo again warned against investing in crypto, describing it as "a very risky and highly volatile business", and consumers "should be very careful before to do so".
“ASIC is not against innovation and will do everything in its power to seek legal ways to use the underlying technology, distributed ledger and blockchain technology, but this should not be confused or confused with investing, inverted commas, in crypto and...
Part of his actions will be to raise awareness of the risks inherent in crypto-assets and decentralized finance.
New
Australia's financial regulator, Australia's Securities and Investments Commission (ASIC), has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years.
According to ASIC's newly released 'Business Plan' published on Tuesday, the financial regulator said it would focus on 'digital misconduct' as 'emerging technologies and products change our ecosystem financial" as part of its four-year strategic plan which extends until 2026.
Joe Longo, chairman of ASIC, said the regulator will focus in particular on scams and crypto-assets.
"Our regulatory environment is changing and evolving: climate risk, our aging population, emerging data and digital technologies, and significant volatility in the crypto-asset market are all having a transformational impact."
He noted that Scamwatch, a website that provides information to consumers and businesses on how to recognize, avoid and report scams, received 4,783 reports of crypto investment scams and 99 million dollars of losses reported in 2021.
ASIC said the actions will “protect investors from harm caused by crypto-assets” and include support for the development of an effective regulatory framework, implementation and monitoring of the regulatory model for crypto-related products. the stock market and raising public awareness of the risks inherent in crypto-assets and DeFi, among other actions.
In a Sydney Morning Herald report on Wednesday, Longo again warned against investing in crypto, describing it as "a very risky and highly volatile business", and consumers "should be very careful before to do so".
“ASIC is not against innovation and will do everything in its power to seek legal ways to use the underlying technology, distributed ledger and blockchain technology, but this should not be confused or confused with investing, inverted commas, in crypto and...
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