Governments need to create a framework for cryptocurrency adoption

 

The delay in formalizing regulation for the crypto industry hampers both entrepreneurial operators and institutional adoption. Consumer protection is at the forefront of concern for government bodies, but we are yet to see clearer guidelines under which consumers can be protected. New assets and digital products are being rapidly developed, making it difficult to separate the businesses that put consumers first from those that do not.

 

Collaboration is key

 

We need a global standard aligned with our industry on policy, definitions, and principles across digital assets. Businesses, regulators and policymakers must all participate in building a framework that aligns with our shared societal values. Binance Australia welcomes the responsibility to lead from the front in developing and supporting policy makers.

 

Government must lay down a clear-cut, concrete framework that enables international and local businesses to conduct transactions via digital assets. Binance Australia Derivatives recently launched crypto CFD’s, which are available to eligible Australian wholesale clients, under the licence of Oztures Trading Pty Ltd (AFSL 425165)

 

Ensuring Digital Asset exchanges maintain adequate funding and capital to protect users’ funds.Prevention of market manipulation to protection users from financial crime via strong security measures.Mandatory Know-Your-Customer checks, Anti-money Laundering and Counter-Terrorism Financing processes, including risk management and control self-assessments.

 

Australia: More education needed

 

Digital Asset Exchanges need to play a leading role in educating users. As crypto is intrinsically different to traditional finance, cultivating a community that values education is essential. The more we debunk the false narrative of crypto being a financial tool for criminals, the more we will see the uptake of digital assets.

 

 

source : https://dailycrypto.us.com 

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