The Australian Government has released the first steps to regulate crypto and bitcoin

The first steps in a multi-stage plan to regulate Australia’s cryptocurrency industry have been released.

The Australian Securities & Investments Commission’s (ASIC), which is responsible for increasing the size of its crypto team, and “upping enforcement actions,” is the first step. These measures include bringing legal action against cryptocurrencies that are being marketed without the appropriate financial licenses. The report also states that consumers will be informed of potential risks.

These steps will increase efforts to combat scams, particularly those involving cryptocurrency. The report states that the Government’s National Anti-Scams Centre (located within the Australian Competition and Consumer Commission) will facilitate real-time data exchange and the coordinated prevention and destruction of scams. The government also announced today that it had created a consultation paper on token mapping to address “which elements of crypto ecosystem are sufficiently regulated” and “which require additional attention.” The paper specifically addresses Bitcoin, describing it in detail as a cryptocurrency network that intends to operate as a peer-to-peer payments structure and as a new form of currency. The paper also illustrates the various uses of Bitcoin, including its use as an exchange medium and as a store-of-value, especially in emerging markets. The multi-stage approach of the Australian government to cryptocurrency regulation is intended to protect consumers and provide oversight and regulatory clarity. However, it remains to be seen whether this regulatory environment will hinder growth and innovation or serve its intended purpose while fostering growth.