Australia’s Securities and Investments Commission (ASIC) has announced that it will turn its complete focus on the digital asset space over the next few years. According to the Australian regulator, it will aim to check the many ills and malicious acts perpetrated in the sector across the country. The statement mentioned that the body would focus on illegal acts made possible by the digital space.
ASIC adds crypto watch in its four-year plan
According to the four-year plan put forward by the body, ASIC intends to rid the sector of these evil acts while enabling a working environment to change the economy for good. The regulatory body noted that these new technologies are gradually changing how people view the financial system. With this, it intends to put it in its scope over the next four years.
The Chairman of the body, Joe Longo, said that the body would specifically focus on crypto scams and the assets themselves. He mentioned that the regulatory framework for the financial sector is changing every day due to the impacts of so many factors. Some of them include volatility, and the age of the population, among other things that are transforming the economy and how people see the financial sector.
Australia to set up crypto oversight
Joe Longo mentioned that a website that was set up, Scamwatch provides all the necessary details that people need to know about these scams and how to avoid them. In his analysis, the website has collected more than 4,000 reports of crimes in the crypto space. In addition, Longo mentioned that the website had seen more than $99 million in losses recorded by crypto-space users over the last year.
ASIC believes that initiatives like this will help rid the economy of the many scams that are being carried out in the financial sector. Asides from that, the body wants to set up a framework that will check the activities of both the crypto platforms and the users. Also, there are plans to set up a framework that will warn users of the risks of entering the crypto sector. Longo has also warned users about their crypto investments, labeling them an investment with a high risk.
He mentioned that the body would ensure that users tap from new and developing technologies, but they should do so after they are well aware of its risks. This new ASIC update is coming off the back of a recent move by the country’s new government to establish a regulatory watch that will govern the crypto space.