Aussie advisory committee lists key factors for easing crypto adoption

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Cyber Secu­ri­ty Indus­try Advi­so­ry Com­mit­tee, the Aus­tralian cyber­se­cu­ri­ty advi­sor, high­lights var­i­ous cryp­to-relat­ed oppor­tu­ni­ties for the gov­ern­ment to under­take as it pre­pares for the glob­al main­stream­ing of cryptocurrencies.

The study released by Australia’s Depart­ment of Home Affairs, titled ‘Explor­ing Cryp­tocur­ren­cies’, cites the rise in cryp­to adop­tion as the coun­try under­goes a rapid trans­for­ma­tion to an advanced dig­i­tal economy:

“There is a need for reg­u­la­to­ry set­tings that pro­vide greater clar­i­ty and con­fi­dence about how the cryp­tocur­ren­cy mar­ket can oper­ate in Australia.”

The Fed­er­al advi­so­ry rec­om­mends explo­ration of four key areas that can “help ensure the safe adop­tion of cryp­tocur­ren­cies in Aus­tralia” — min­i­mum cyber secu­ri­ty stan­dards, capa­bil­i­ty (aware­ness through spe­cial­ized train­ing), fol­low-the-lead approach and oper­a­tor transparency. 

With the pri­ma­ry goal to damp­en cyber­se­cu­ri­ty threats aimed at cryp­tocur­ren­cies, the com­mit­tee rec­om­mend­ed man­dat­ed min­i­mum cyber secu­ri­ty stan­dards for cryp­to exchanges and Aus­tralian busi­ness­es that hold cryp­tocur­ren­cies. Cryp­to exchange Kraken’s Man­ag­ing Direc­tor for Aus­tralia Jonathon Miller believes that “min­i­mum stan­dards for secu­ri­ty, and greater resourc­ing to fight sophis­ti­cat­ed cyber­crime will go a long way to pro­tect­ing investors.”

In addi­tion, the advi­so­ry sug­gest­ed an increased focus on increased pub­lic aware­ness via spe­cial­ist train­ing on the avail­able cryp­to oppor­tu­ni­ties and cor­re­spond­ing cyber­crimes and threats. It all rec­om­mends a ‘fol­low-the-lead’ approach where­in Aus­tralia learns and imple­ments inter­na­tion­al best prac­tices in the cryp­to space. 

High­light­ing the inher­ent pseu­do-anonymi­ty of cryp­to, the com­mit­tee calls for increased trans­paren­cy around reg­is­tered cryp­to exchanges and blockchain-based companies:

“Edu­ca­tion­al pro­grams with accu­rate, con­sis­tent mes­sag­ing will allow investors to bet­ter under­stand both the invest­ment and cyber­se­cu­ri­ty risks while help­ing to demys­ti­fy cryp­tocur­ren­cies for all Australians.”

In addi­tion to the rec­om­men­da­tions, the Cyber Secu­ri­ty Indus­try Advi­so­ry Com­mit­tee high­light­ed a num­ber of oppor­tu­ni­ties that accom­pa­ny main­stream­ing of cryp­tocur­ren­cies. The study reveals blockchain’s dis­rup­tive poten­tial to tok­enize finan­cial assets includ­ing loans, car­bon cred­its and real estate. 

More­over, accept­ing cryp­tocur­ren­cies “enables busi­ness­es to tap into a new set of cus­tomers.” Final­ly, the study reveals that off­set­ting car­bon emis­sions is one of the biggest oppor­tu­ni­ties as cryp­to makes it way into the mainstream.

Relat­ed: Cryp­to busi­ness­es will be reward­ed over the long term, says Voy­ager CEO

In a dia­logue with Coin­tele­graph, the co-founder and CEO of Voy­ager Dig­i­tal Stephen Ehrlich opined why patience is the key for cryp­to businesses:

“In 2021, Bit­coin out­per­formed all major asset class­es, one-upping crude oil, NASDAQ, the S&P 500 and gold. More­over, the num­ber of “hodlers” is trend­ing in a pos­i­tive direc­tion, sig­nal­ing crypto’s long-term viability.”

Cit­ing eco­nom­ic equal­i­ty as one of the main advan­tages, Ehrlich also said that cryp­to gives access to investor seg­ments who missed out on past booms. 

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