Australia’s ASIC lays out roadmap for safeguarding consumers from digital assets scams
The Australian Securities and Investment Commission (ASIC) is focusing on protecting customers from digital assets and online fraud. The sales market supervision organization released a part of the "enterprise plan" for 2022-2026, and focusing on digital asset supervision is a part of the core strategic new project for 2022-2033
In the document released by Joseph Longo, the current chairman of ASIC, the office of the company, the regulatory organization indicated that it realized that with the introduction of innovation, the regulatory natural environment had changed. Such innovations, including digital assets, have added new threats to investors.
ASIC shows that it is focused on taking action to protect investors from such damage, especially from digital assets. However, it is prepared to accomplish this in a form that is not easy to catch up with independent innovation.
"ASIC will take action to protect investors from the harm caused by crypto assets within the scope of our power. We are focused on using all their rights to maintain the integrity of the Australian financial system," the report said.
Some of the actions it intends to take include working with the Ministry of finance to develop an efficient regulatory framework, paying close attention to consumer protection, adopting audit actions to protect customers, and supervising the publication of goods.
ASIC added that it plans to implement the regulatory method of digital asset exchange traded commodities (ETP), enhance the public's awareness of the inherent risks in the digital asset sales market, and work with domestic and international counterparts to formulate international current policies on digital assets and defi.
Australia is affected by digital asset fraud
The report comes at a time when Australia is experiencing a surge in fraud cases related to digital assets. The Australian stock investment Federation stressed that in the first half of 2022 alone, Australians lost US $242 million due to various investment frauds. It is reported that there were more than 4730 data encryption investment frauds.
Longo mentioned in a recent statement that ASIC plans to carry out more consumer education activities because he found that most digital asset investors have neglected operational risks.
In addition, the Australian Prudential regulatory authority (APRA) has also released a similar long-term digital asset regulatory roadmap, which is planned to be completed by 2025. The core of the road map is to establish basic standards for the leverage ratio of digital assets of banks or other financial institutions in their management methods