The Cybersecurity Industry Advisory Committee, an Australian cybersecurity adviser, highlights various crypto-related opportunities that the government can take advantage of in preparation for the global adoption of cryptocurrencies.
A study published by the Australian Department of Home Affairs titled “Exploring Cryptocurrencies” talks about the rise in adoption of cryptocurrencies as the country experiences a rapid transition to an advanced digital economy:
“Regulatory adjustments are needed to provide more clarity and confidence on how the cryptocurrency market can operate in Australia.”
The Federal Council recommends exploring four key areas that can “help ensure the secure adoption of cryptocurrencies in Australia” – minimum cybersecurity standards, capabilities (awareness through specialized training), a “follow the leader” approach, and operator transparency.
The committee has recommended mandatory minimum cybersecurity standards for cryptocurrency exchanges and Australian businesses holding cryptocurrencies to reduce cybersecurity threats to cryptocurrencies. Jonathon Miller, managing director of the Kraken cryptocurrency exchange in Australia, believes that “minimum security standards and more resources to fight sophisticated cybercrime will go a long way in protecting investors.”
In addition, the bulletin suggested that more attention be paid to raising public awareness through education of professionals on the available possibilities of cryptocurrencies and related cybercrimes and threats. All of this recommends a “follow the lead” approach where Australia learns and implements international best practices in the field of cryptocurrencies.
Highlighting the pseudo-anonymity inherent in cryptocurrencies, the committee calls for increased transparency regarding registered cryptocurrency exchanges and blockchain companies:
“Educational programs with accurate and consistent messaging will enable investors to better understand both investment and cybersecurity risks, helping to demystify cryptocurrencies for all Australians.”
In addition to the recommendations, the Cybersecurity Industry Advisory Committee highlighted a number of opportunities related to the adoption of cryptocurrencies. The research reveals the disruptive potential of blockchain for the tokenization of financial assets, including loans, carbon credits and real estate.
Moreover, the adoption of cryptocurrencies “allows companies to access a new set of customers.” Finally, the study shows that carbon offsetting is one of the biggest opportunities as crypto becomes mainstream.
Related: Crypto business will be rewarded in the long run, says Voyager CEO
In a dialogue with Cointelegraph, Voyager Digital co-founder and CEO Steven Ehrlich opined why patience is the key to the cryptocurrency business:
“In 2021, Bitcoin outperformed all major asset classes, outperforming oil, NASDAQ, S&P 500 and gold. Moreover, the number of hodlers has a positive trend, indicating the long-term viability of the cryptocurrency.”
Citing economic equality as one of its main benefits, Ehrlich also said that crypto provides access to segments of investors who missed out on past booms.
The Cybersecurity Industry Advisory Committee, an Australian cybersecurity adviser, highlights various crypto-related opportunities that the government can take advantage of in preparation for the global adoption of cryptocurrencies.
A study published by the Australian Department of Home Affairs titled “Exploring Cryptocurrencies” talks about the rise in adoption of cryptocurrencies as the country experiences a rapid transition to an advanced digital economy:
“Regulatory adjustments are needed to provide more clarity and confidence on how the cryptocurrency market can operate in Australia.”
The Federal Council recommends exploring four key areas that can “help ensure the secure adoption of cryptocurrencies in Australia” – minimum cybersecurity standards, capabilities (awareness through specialized training), a “follow the leader” approach, and operator transparency.
The committee has recommended mandatory minimum cybersecurity standards for cryptocurrency exchanges and Australian businesses holding cryptocurrencies to reduce cybersecurity threats to cryptocurrencies. Jonathon Miller, managing director of the Kraken cryptocurrency exchange in Australia, believes that “minimum security standards and more resources to fight sophisticated cybercrime will go a long way in protecting investors.”
In addition, the bulletin suggested that more attention be paid to raising public awareness through education of professionals on the available possibilities of cryptocurrencies and related cybercrimes and threats. All of this recommends a “follow the lead” approach where Australia learns and implements international best practices in the field of cryptocurrencies.
Highlighting the pseudo-anonymity inherent in cryptocurrencies, the committee calls for increased transparency regarding registered cryptocurrency exchanges and blockchain companies:
“Educational programs with accurate and consistent messaging will enable investors to better understand both investment and cybersecurity risks, helping to demystify cryptocurrencies for all Australians.”
In addition to the recommendations, the Cybersecurity Industry Advisory Committee highlighted a number of opportunities related to the adoption of cryptocurrencies. The research reveals the disruptive potential of blockchain for the tokenization of financial assets, including loans, carbon credits and real estate.
Moreover, the adoption of cryptocurrencies “allows companies to access a new set of customers.” Finally, the study shows that carbon offsetting is one of the biggest opportunities as crypto becomes mainstream.
Related: Crypto business will be rewarded in the long run, says Voyager CEO
In a dialogue with Cointelegraph, Voyager Digital co-founder and CEO Steven Ehrlich opined why patience is the key to the cryptocurrency business:
“In 2021, Bitcoin outperformed all major asset classes, outperforming oil, NASDAQ, S&P 500 and gold. Moreover, the number of hodlers has a positive trend, indicating the long-term viability of the cryptocurrency.”
Citing economic equality as one of its main benefits, Ehrlich also said that crypto provides access to segments of investors who missed out on past booms.
