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NO MORE MISLEADING OR WRONG CRYPTO ADDS TO BE PUBLISHED: AUSTRALIA

NO MORE MISLEADING OR WRONG CRYPTO ADDS TO BE PUBLISHED: AUSTRALIA

Chainalysis international policy chief Caroline Malcolm expects new Australian laws governing crypto advertising, promotions and consumer protection to follow a similar path to the United Kingdom when it comes into effect next year.


"I think there is a good chance we will see something in line with the UK model that focuses on reducing misleading advertising or risk-free advertising alongside opportunities."

During a Chainalysis Links event in Sydney on June 21, Malcolm told Cointelegraph that this meant treating crypto products and services in the same way as financial products and services when it comes to advertising and promotion.


In March, the U.K.'s Advertising Standards Authority (ASA) issued a new directive requiring advertisers to state clearly the level of risk associated with investing in cryptocurrencies. Malcolm noted that Singapore took a different approach by successfully blocking all public crypto marketing from retail customers.


“It is not about banning advertising or banning the sale of certain goods in certain parts of the community, but it is actually about making sure that there are no misleading advertisements, that there is disclosure about what you actually buy when you enter the industry. , "he said.


Malcolm said in addition to advertising rules, there would also be a number of consumer protection measures in place, such as the requirement for crypto trading to ensure that their customers understand the risks of investing as part of their transaction process.


"When you get on a certain type of crypto exchange or platform, you need to answer a few questions about [...] the level of risk in this space or the type of specific risks."

"It is beyond this idea that there is some kind of barrier to entry that you can not jump into and start trading."


The first Australian conference

The Chainalysis Links event on Tuesday marked the first personal conference of blockchain data platform in Australia. About 100 participants were present from both the crypto and traditional sectors of the trade and government.


The Australian Parliament has been sending strong signals about the need to regulate the digital commodity market.


In October 2021, the Australian Senate Committee as the Center for Technology and Finance released its much-anticipated recommendation on how to manage cryptocurrency and digital assets.



In March, the discussion was further enhanced by a consultation paper "Crypto asset secondary providers: Licensing and compliance requirements" that sought feedback on minimum ethical standards for crypto-asset service providers and consumer protections.


Malcolm said he expected any changes to Australian advertising, promotion and protection laws in the next 6-12 months but said this would also depend on how much crypto control was prioritized in the newly elected labor government. power in May.


“Three weeks before the election. So we haven't heard the news yet. But I certainly can expect to hear something before the end of the year about where they see the timeline of this [...] part of the law.

Source: cointelegraph




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