Australian regulator ASIC to ramp up focus on digital scam

ASIC, Australia’s financial watchdog, has announced a new four-year plan prioritizing consumer protection against digital scams, including cryptocurrency-related frauds.

ASIC, the Australian Securities and Investments Commission, has unveiled a new four-year strategy aimed at shielding consumers and businesses from digital scams, including those involving cryptocurrencies.

Chair Joe Longo indicated that while ASIC has made strides since outlining its priorities last year, there’s ongoing work. The regulator is adapting to shifts in sustainable finance, the digital economy, and the challenges an aging population poses.

Longo also mentioned that ASIC closely monitors how emerging technologies like AI could impact businesses and consumers.

Australia has been generally favorable toward digital currencies. The country has both embraced and regulated cryptocurrencies, most notably by exempting them from Goods and Services Taxes.

The Australian Central Bank has been actively researching and developing in the crypto space, focusing on Central Bank Digital Currencies (CBDCs).