The Australian Advisory Committee recommends the investigation of four major areas. The aim of this investigation is to promote a safer adoption of crypto use in Australia and reduce cybersecurity vulnerabilities.
While preparing for the worldwide adoption of cryptocurrency, Australia’s Cyber Security Industry Advisory Committee points out different chances for the government to engage in crypto-related activities.
With that being said, the Australian Department of Home Affairs produced research titled ‘Exploring Cryptocurrencies.’ This study claims the surge in crypto acceptance as the nation rapidly transforms into a modern digital economy. In particular, the research states that it is necessary to establish legislative frameworks that make it clear and certain how the Australian cryptocurrency market may function.
According to the Federal advisory committee, they must investigate four main areas. The goal of this exploration is to ensure the safe adoption of cryptocurrencies in Australia. These important areas aim to minimize cyber security requirements, capacity, follow the lead strategy, and transparency of operators.
Regarding the committee’s recommendation, providing high-quality cybersecurity is a crucial factor. Correspondingly, cryptocurrency exchanges and Australian firms that store cryptocurrency should maintain basic levels of cybersecurity. On this subject, to keep investors safe, Kraken’s Australia Managing Director, Jonathon Miller, revealed his opinion. He feels that the essential elements include minimum requirements for security and additional funding to battle sophisticated cybercrime.
Expanding the Public Knowledge of Crypto Opportunities
A further recommendation made in the report of the Australian Advisory Committee was to enhance public knowledge of crypto possibilities and associated cybercrimes via professional training. They recommend using a ‘follow-the-lead’ strategy in which Australia learns and adopts worldwide best practices in the crypto industry.
Moreover, it is highlighted the inherent pseudo-anonymity of crypto. Henceforth, the committee advises more transparency regarding registered crypto exchanges and blockchain-based businesses.
Additionally, the statement of the committee proposal notes that investors will benefit from educational initiatives delivering accurate and consistent information. In addition, this will help them better understand both the investing and cybersecurity risks, as well as demystifying cryptocurrencies for all Aussies.
Following more on the provided suggestions, the Cyber Security Industry Advisory Committee identified a number of possibilities that would arise as a result of the adoption of cryptocurrencies. The research demonstrates the potential of blockchain to disrupt the financial services industry. This would be possible by tokenizing financial assets like loans, carbon credits, and real estate.
Furthermore, embracing crypto allows enterprises to reach out to a whole new group of potential clients. In conclusion, the research shows that as cryptocurrency becomes more mainstream, offsetting carbon emissions is the most promising business option.
As per the CEO of Voyager Digital, Stephen Ehrlich, patience is the fundamental thing for crypto companies. Ehrlich stated that Bitcoin beat all major asset classes in 2021. Thus it outperformed crude oil, the NASDAQ, the S&P 500, and gold, among others. Furthermore, he added that the number of ‘hodlers’ is increasing in a favorable direction, indicating that cryptocurrency will be there for the long haul.
Ehrlich emphasized the most significant benefit of cryptocurrency, which according to him, is economic equality. He claims that it provides access to investor sectors that have been left out of previous opportunities.