Australia’s new regulations covering cryptocurrency advertising, marketing, and consumer protections are put into effect within the next year. Thus, Chainalysis’ director of international policy Caroline Malcolm anticipates that they will mimic the United Kingdom’s approach.
They are more willing to see anything resembling the UK model. This is mostly centering on a curb against deceptive marketing that doesn’t explain the dangers and opportunities.
Following the Chainalysis Links conference in Sydney on June 21, Malcolm tells Cointelegraph that all this signifies a consideration of crypto goods and services. This is a comparable way for monetary commodities and operations when it comes to advertising and marketing.
In March, U.K.’s Advertising Standards Authority announces new advice mandating marketers. This will express the degree of risk inherent to cryptocurrency investment clearly. Malcolm points out that Singapore has a different strategy by essentially prohibiting all public marketing of cryptocurrencies to retail buyers. The Monetary Authority of Singapore will be releasing a new set of regulations for DPT providers. They will be unable to advertise their services in public places as a result.
When entering the market, it’s vitally important to ensure that there isn’t any deceptive advertising. Thus, there are also disclosures regarding what users are purchasing. There are also consumer protection provisions according to Malcolm, in addition to limits on advertising. As a component of their onboarding procedure, cryptocurrency exchanges are requiring confirmation. Accordingly, their consumers should understand the risk that involves investments.
As a result, they must respond to a few inquiries on the scope of general hazards. It can also be about the nature of particular risks when enrolling in a cryptocurrency exchange or platform. Accordingly, it’s more about the notion that there is some type of entrance barrier. Consequently, one can’t simply sort of hop on and begin trading.
Inaugural Symposium in Australia
The blockchain analytics system’s first live event in Australia was at the Chainalysis Links program on Tuesday. There were about 100 attendees, representing both traditional and crypto businesses and the government. The Australian Parliament is making a strong statement about the necessity for market regulation of digital assets.
The much-anticipated proposals from the Senate Committee on Australia as a Technology and Financial Centre for how to regulate cryptocurrencies and digital assets were published in October 2021.
A policy document on Crypto asset secondary service providers: Licensing and custody requirements that they published in March facilitates the discussion. Thus, they are asking for input on the basic standards of behavior. These are for companies that provide services relating to digital assets as well as consumer protections.
However, Malcolm stresses that this will also rely on how important crypto legislation is to the newly appointed Labor government, which took office in May. She is expecting any modifications to Australia’s advertising, promotion, and consumer protection legislation to take effect within this year.
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