The Australian Advisory Committee on cyber security has listed different ways by which its government can hasten crypto adoption in the region.
Published by Australia’s Department of Home Affairs, the study, which was titled ‘Exploring Cryptocurrencies’, confirms that crypto adoption was already on a fast rise in the country. This is even as Australia continues to undergo 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.”
Australian Advisory Committee Mentions 4 Key Areas
According to the Federal advisory, there are four key areas that can “help ensure the safe adoption of cryptocurrencies in Australia.” They include, minimum cyber security standards, operator transparency, capability (awareness through specialized training), and follow-the-lead approach.
Meanwhile, it’s seemingly clear what the primary goal of the committee might be here. Firstly, the advisory mandates a reduced cyber security standard for cryptocurrencies, exchanges, and all Australian businesses that operates crypto. And like crypto exchange Kraken’s Managing Director for Australia Jonathon Miller says, “minimum standards for security, and greater resourcing to fight sophisticated cybercrime will go a long way to protecting investors.”
Additionally, the advisory speaks of the importance of an increased public awareness on the available crypto opportunities and risks inherent, albeit through specialized trainings.
Furthermore, it suggests a ‘follow-the-lead’ approach. That is, Australia must follow the examples being laid down on the global scene, as it concerns the crypto space.
And lastly, based on the anonymity quite common with crypto, the committee is also calling for increased transparency. That is, as far as registered crypto exchanges and blockchain-based companies are concerned.
Meanwhile, the Cyber Security Industry Advisory Committee also listed some more opportunities that will be consistent with mainstream adoption of cryptocurrencies. According to the study, there’s a seemingly disruptive potential of blockchain to tokenize financial assets. And this includes loans, carbon credits and real estate.
Lastly, the study reveals that offsetting carbon emissions is a possibility and one of the biggest opportunities as crypto makes its way into the mainstream.