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Rampant Increase In Crypto Scams – Is ASIC’s stance too weak?

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Australian Securities and Investment Commission (ASIC) has been vocal about promoting and supporting the cryptocurrency industry in the country but regulating the crypto sphere is a tricky business and along with most governments throughout the world, the Australians are struggling too.

Previously, at the Australian Blockchain Conference, senior advisor of strategic intelligence at ASIC – Jonathan Hatch –appealed for collaboration from the crypto industry. Hatch also pointed out towards some of the efforts of ASIC to build trust and harbor innovation in the country. However, Hatch did not receive positive feedback from the crypto industry as most crypto firms regarded ASIC’s cryptocurrency regulation as vague and unclear.

ASIC commissioner Cathie Armour – speaking today during the Australian Blockchain Conference – furthered the stance of ASIC on the crypto industry. Armour stated that ASIC is working towards improving the financial ecosystem in the country all the while ensuring that stakeholders have confidence in the system. The commissioner was also keen on the idea of incorporating various blockchain products in order to achieve ASIC’s goal. Armour specifically mentioned the distributed ledger technology (DLT) and its potential. ASIC is planning to integrate DLT into its clearing system.

However, a much as the Australian regulator is keen on supporting the crypto industry strict regulation is also crucial in order to protect consumers. There has been a rampant increase in the number of crypto scams reported. Dating sites and apps have become a hotbed for crypto-asset scams. While last year, during the pandemic the regulator recorded a 20% increase in scam activity. It is now high time the regulator needs to evaluate the existing crypto regulation and whether or not they are doing enough to ensure safety.

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