16 October 2023
The Australian Banking Association (ABA) supports the Federal Government’s resolute action to regulate crypto exchanges, saying it is a “very welcome step in the fight against scams”.
“Almost half of scammed funds are currently being channelled into crypto, the getaway vehicle of choice for scammers. Once the stolen money reaches a crypto exchange, it is virtually impossible to recover,” ABA CEO Anna Bligh said today.
Under the proposed changes, crypto and digital asset platforms will be subject to Australian financial services laws and will need to hold a financial services license.
“This means no matter what financial services door a customer walks through, customers will be protected by the same regulatory standards,” Ms Bligh said.
“This is good news for consumers who are under relentless attack from scammers hell-bent on serving up ever more complex and cunning scams.”
“A rigorous licensing system for the crypto industry will mean greater oversight.”
“The changes will also help banks and customers ensure money is only transferred to reputable crypto operators that are subject to strict rules and regulator enforcement action.”
Read the full announcement here.
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