{"id":19370,"date":"2023-02-03T11:06:54","date_gmt":"2023-02-03T19:06:54","guid":{"rendered":"https:\/\/coinnetworknews.com\/australian-government-releases-first-steps-to-regulate-crypto-and-bitcoin\/"},"modified":"2023-02-03T11:06:54","modified_gmt":"2023-02-03T19:06:54","slug":"australian-government-releases-first-steps-to-regulate-crypto-and-bitcoin","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/australian-government-releases-first-steps-to-regulate-crypto-and-bitcoin\/","title":{"rendered":"Australian Government Releases First Steps To Regulate Crypto And Bitcoin"},"content":{"rendered":"
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The first steps of a multi-stage plan to regulate the cryptocurrency industry within Australia have been released.<\/p>\n
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The Australian government has announced the first step of what it calls a multi-stage approach to tackling cryptocurrency regulation.<\/p>\n
According to the announcement<\/a>, \u201cthe multi\u2011stage approach has three elements: strengthening enforcement, bolstering consumer protection; and establishing a framework for reform.\u201d<\/p>\n The first step begins with the Australian Securities & Investments Commission (ASIC) increasing the size of its crypto team and \u201cupping enforcement measures.\u201d These enforcement measures described include taking legal action when cryptocurrencies are marketed without appropriate financial licenses. In addition, the report describes that particular attention will be paid to making sure risks are properly disclosed to consumers. <\/p>\n These steps are intended to step up efforts targeting scams, especially those involving cryptocurrencies. <\/p>\n \u201cThe Government\u2019s National Anti\u2011Scams Centre, located within the Australian Competition and Consumer Commission (ACCC), will facilitate real\u2011time data sharing and the coordinated prevention and disruption of scams,\u201d reads the report, indicating that the collection of data will be a major part of the operations. <\/p>\n