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Australian Regulator ASIC Targets Crypto Scams as Key Priority in Consumer Protection Strategy

CryptoAustralian Regulator ASIC Targets Crypto Scams as Key Priority in Consumer Protection Strategy

The Australian Securities and Exchange Commission (ASIC) has emphasized its commitment to combating crypto scams as a top regulatory priority in its latest corporate strategy report. The report states that ASIC is focusing on the risks posed by scams involving crypto assets and the potential harms these products can cause to investors.

In its effort to address crypto scams, ASIC plans to implement a range of measures. These include the development of a regulatory framework focused on consumer protection and market integrity, as well as close scrutiny of crypto product disclosure statements. The regulator intends to take action against misleading promotions of high-risk investments and firms that fail to adequately disclose risks.

Furthermore, ASIC recognizes the importance of educating the public about crypto assets and decentralized finance (DeFi), aiming to raise awareness of the inherent risks associated with them.

The need for such actions is underscored by the rising incidence of crypto scams in Australia. In 2022, a reported 3,910 Australians fell victim to crypto scams, resulting in a loss of $221.3 million. This represents a significant increase of 162.4% compared to the previous year.

Major banks in Australia have also taken steps to address the risks associated with cryptocurrencies. The National Australia Bank (NAB), for instance, announced that it would block payments to certain high-risk crypto exchanges in line with industry standards and regulations.

Overall, ASIC’s strategic approach reflects a commitment to safeguarding Australian consumers and small businesses from the risks posed by crypto-related scams and misconduct.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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