Australia Strengthens Crypto Watchdogs In “Multi-Stage” Scam-Fighting Strategy
The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size, and “upping enforcement measures” will be one of the major improvements. As part of a “multi-stage approach” to cracking down on cryptocurrency and ensuring proper risk disclosures from crypto businesses.
The new regulations are meant to safeguard consumers interacting with cryptocurrencies, according to a joint statement released on February 2 by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones. The multi-stage strategy, according to the treasurers, would include three components: improved enforcement, improved consumer protection, and the creation of a framework for token mapping reform. The Australian Securities & Investments Commission’s (ASIC) digital assets unit will grow in size.
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