The Australian advisory committee has compiled a list of key elements for crypto adoption

The Cyber Security Industry Advisory Committee, the Australian cybersecurity advisor, identified various crypto-related possibilities for the government to pursue as it prepares for global mainstreaming of cryptocurrencies. The increasing use of cryptocurrency in Australia is cited by the Department of Home Affairs in a recent study titled Exploring Cryptocurrencies: “

“There is a need for regulatory settings that provide greater clarity and confidence about how the cryptocurrency market can operate in Australia.”

The government’s advice states that four key areas must be examined in order to “assist guarantee the secure adoption of cryptocurrencies in Australia” — minimal cyber security standards, competence (awareness via specialized training), the follow-the-lead method, and company transparency.

The committee recommended mandated minimum cyber security standards for crypto exchanges and Australian firms that hold cryptocurrencies in order to safeguard investors. “Minimum standards for security, as well as greater financial resources devoted to sophisticated cybercrime prevention, will go a long way toward protecting investors,” Kraken’s managing director for Australia Jonathan Miller believes.

Furthermore, the advice called for a greater emphasis on raising public awareness via specialist training on the existence of crypto opportunities and associated cybercrimes and dangers. It recommends adopting a “follow-the-lead” mentality, in which Australia learns and adopts international best practices in the cryptocurrency sector.

The committee also urges for greater transparency about registered crypto exchanges and blockchain-based firms, emphasizing their inherent pseudo-anonymity:

“Educational programs with accurate, consistent messaging will allow investors to better understand both the investment and cybersecurity risks while helping to demystify cryptocurrencies for all Australians.”

The Cyber Security Industry Advisory Committee also highlighted a number of possibilities that come with the mainstream use of cryptocurrencies. Blockchain’s disruptive potential is demonstrated in the report, which claims that tokenizing financial assets such as loans, carbon credits, and real estate is possible. Finally, offsetting carbon emissions is one of the most significant prospects given that crypto is becoming increasingly

When asked why patience is so important for crypto businesses, Stephen Ehrlich, co-founder and CEO of Voyager Digital, explained why in an interview with Cointelegraph.

“In 2021, Bitcoin outperformed all major asset classes, one-upping crude oil, NASDAQ, the S&P 500 and gold. Moreover, the number of “hodlers” is trending in a positive direction, signaling crypto’s long-term viability.”

According to Ehrlich, one of crypto’s main benefits is that it provides equal access to investors who missed out on prior booms.

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