Australia bolsters crypto watchdogs in ''multi-stage' plan to fight scams
The new measures from the Australian government come as cryptocurrency scams skyrocketed 162% to $221 million in 2022. The Australian Government is bolstering its market regulator's digital asset team as part of a “ multi-stage approach” aimed at clamping down on crypto and ensuring proper risk disclosures from crypto firms. A Feb. 2 joint statement by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones explained that the new measures are aimed at protecting consumers dealing with cryptocurrency. The treasurers said the multi-stage approach would involve three elements, including strengthening enforcement, bolstering consumer protection, and establishing a framework for its token mapping reform. This is why we're taking action on crypto. pic.twitter.com/17HG5nhsTz — Stephen Jones MP (@StephenJonesMP) February 2, 2023 One of the main changes will be an increase in the size of the Australian Securities & Investments Commission (ASIC)’s digital asset...