ASIC pledges to tackle illegal crypto activities
Categories: Crypto News
ASIC pledges totackle illegal crypto activities
AustraliaSecurities and Investments Commission (ASIC) has announced that it will turnits complete focus on the digital asset space over the next few years. Accordingto the Australian regulator, it will aim to check the many ills and maliciousacts perpetrated in the sector across the country. The statementmentioned that the body would focus on illegal acts made possible by thedigital space.
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Theregulatory body said these new technologies are slowly changing how people viewthe financial system. Along with this, it intends to bring it under its ambitin the next four years.
Thebody's president, Joe Longo, said that the body will specifically focus oncrypto scams and the assets themselves. He said the regulatory framework forthe financial sector is changing every day due to the influence of so manyfactors. Some ofthem include volatility, and the age of the population, among other things thatare changing the economy and how people view the financial sector.
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Joe Longonoted that a website that was set up, Scamwatch provides all the necessarydetails that people need to know about these scams and how to avoid them. Inits analysis, the website has collected over 4,000 reports of crimes in thecrypto space. Furthermore, Longo noted that the website had seen more than $99million in damages recorded by crypto-space users in the past year.
ASICbelieves that such initiatives will help the economy get rid of the many scamsbeing committed in the financial sector. In addition, the body seeks toestablish a framework that will scrutinize the activities of both cryptoplatforms and users. In addition, there are plans to set up a frameworkthat will warn users about the risks of entering the crypto sphere.
Longo hasalso warned users about their crypto investments, labeling them high-riskinvestments. Hementioned that the body will ensure that users take advantage ofnew and developing technologies, but they should do so if they are well awareof its risks. This new ASIC update comes on the back of a recent move bythe country's new government to set a regulatory watch that will govern thecrypto space.