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.
Latest news
New data released today from the Reserve Bank of Australia (RBA), shows Australians continue to embrace the ease of mobile wallets when making payments. For the first time, the RBA’s latest monthly retail payments data includes a snapshot of newer payment technology, showing more than 500 million payments were made via mobile wallets in October,… Read more »
The Australian Banking Association acknowledges the release today of the inquiry report into the Financial Services Regulatory Framework in Relation to Financial Abuse. CEO Anna Bligh said the ABA and its member banks acknowledge the important work of the Parliamentary Joint Committee on Corporations and Financial Services to further shine a light on financial abuse…. Read more »
The ABA welcomes further progress by the Federal Government to establish a mandatory SMS Sender ID register with an enforceable industry standard, in what will be a critical preventative measure in the fight against scammers. ABA CEO Anna Bligh said thwarting SMS impersonation scams would disrupt a key tactic that scammers use to steal money… Read more »