Australian Parliament to Hasten Crypto Regs: “We Weren’t Expecting This To Blow Up!”
Cryptocurrency just emerged from its dark corner. After the 2017‑2018 crypto boom, regulators have been stuck in a catch‑up situation.
Recently, the Australian Parliament has taken the lead in crypto regulation by fast‑tracking their investor‑protection regulations. For example, it will grant investors the right to seek legal remedies against entities they feel have caused them harm.
Crypto Craze Causing Regulators to Go Crazy!
The mass adoption of crypto in recent years came as a surprise to many regulators, with MPs in Australia confessing, “we weren’t expecting cryptocurrency to become so popular so quickly.”
Now, their goal is to protect the average investor from frauds and scams. While some argue more regulations could stifle innovation, the government wants to ensure there are players in the cryptosphere operating within the law.
Breaking it Down – What the Regulations Mean
Under the new regulations, cryptocurrency investors will be able to:
Seek Legal Remedies: Investors will now be able to bring legal action against any entity that has caused them harm.
Definition of Market Integrity: An entity or individual engaged in crypto trading activities will be required to adhere to specific market integrity rules, such as the separation of assets, customer identification, and the use of trustworthy custodians.
Zero‑tolerance to Misconduct: All participants in the crypto industry need to comply with the regulations and any misconduct will be met with a zero‑tolerance attitude.
The Path Ahead
MPs have promised to pass the new laws quickly, with officials from the Parliament saying the process has already begun.
Though crypto regulations may seem like a headache for the cryptocurrency industry, it does provide some comfort for investors—most of whom are excited by the prospect of having some degree of legal recourse when investing.
At the end of the day, protection for investors should be the utmost priority for any regulatory body. Cheers mate!
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