The advisory committee in Australia proposes several steps to boost crypto adoption

The cybersecurity advisor of Australia, the Cyber Security Industry Advisory Committee, underscores a number of crypto-related possibilities for the government to explore as it plans for the growing global crypto acceptance.

The study, titled Exploring Cryptocurrencies, was released by the country’s Department of Home Affairs and cites the surge in crypto adoption as the country faces a rapid shift to a modern digital economy.

The report says that regulatory frameworks that provide more clarity and certainty about how the crypto industry can function in Australia are required.

Minimum cyber security standards, capability (knowledge through specialized training), the follow-the-lead strategy, and operator transparency are the four key areas that the federal advisory suggested as areas that can “help ensure the safe adoption of cryptocurrencies in Australia.”

Indeed, crypto adoption has increased in the country, with a survey revealing that Australian women doubled their crypto portfolio in 2021.

Several ways to adopt crypto in Australia

The committee proposed mandating minimum cyber security standards for crypto exchanges and companies that hold crypto, with the primary objective of lowering cybersecurity threats aimed at digital currencies. Jonathon Miller, managing director of crypto exchange Kraken in Australia, believes that “minimum standards for security and greater resourcing to fight sophisticated cybercrime will go a long way to protecting investors.”

Moreover, the advisory recommended putting a greater emphasis on raising public awareness through specialized training on the available crypto opportunities as well as the respective cybercrimes and threats. It suggests that Australia take a “follow-the-lead” approach in the crypto space, studying and implementing worldwide industry standards.

The committee advocates for enhanced transparency around licensed crypto exchanges and blockchain-based companies, citing crypto’s intrinsic pseudo-anonymity:

“Educational programs with accurate, consistent messaging will allow investors to understand both the investment and cybersecurity risks better while helping to demystify cryptocurrencies for all Australians.”

In addition to the suggestions, the Cyber Security Industry Advisory Committee also noted a variety of opportunities that come with the adoption of cryptocurrencies. The study demonstrates how blockchain might be used to tokenize financial assets such as loans, carbon credits, and real estate.

Notably, the country last year announced that it is planning on bringing six world-leading crypto reforms.