Australia Seeks to Add More Tools to Police the Crypto Sector

• Australia is boosting Its crypto watchdog team for the crypto sector.
• The state regulators also plan to crack down on crypto scams.
• The government is scheduled to comment on a framework for this topic before adopting laws.

In the aftermath of the worldwide collapse of the FTX exchange, Australia has revealed its intentions to provide its authorities with extra resources, including increased personnel for the Securities Commission Exchange (SEC), to better control the risky crypto industry

According to a statement released on Friday by Treasurer Jim Chalmers, the Australian Securities and Investments Commission is increasing the size of its staff and focusing on digital assets and its enforcement actions.

Following a surge of requests for crypto ransom payments, the Australian Competition and Consumer Commission is allegedly stepping up efforts to crack down on scammers.

Bloomberg claimed that the government is contemplating bitcoin custody and licensing settings to protect consumers. This year, the government is scheduled to comment on a framework for this topic before adopting laws.

In the “buy now, pay later” industry, there is going to be the establishment of a regulatory framework as well. The reports revealed this will make it simpler for businesses to determine whether or not they are required to get a license.

Chalmers said that the regulatory structures of the nation “haven’t kept up” with the rapidly changing and dynamic financial world. He said,

The advent of the digital era has presented both new possibilities and new hazards in the field of finance.

Furthermore, Chalmers added that their goal is to give room for additional innovation while ensuring they have the appropriate regulatory framework to keep consumers, companies, and the system safe.