The Australian government is expanding its digital asset team at the market regulator, ASIC, to protect consumers using cryptocurrencies.
This multi-stage approach includes stronger enforcement, improved consumer protection, and a framework for token mapping reform.
ASIC will prioritize ensuring that crypto risks to consumers are properly disclosed, and its digital asset team will be enlarged with increased enforcement efforts.
The ACCC will receive a real-time data-sharing tool to identify and prevent crypto scams, which led to $221 million in losses in 2022.
Consumer protection will be enhanced through regulation of digital asset licensing and custody, with a framework being established starting mid-2023. However, it will take a significant amount of time before this framework is fully enacted into law.
