Crypto-curious Aussies will have stronger safeguards after the federal government announced measures it says will protect consumers.
Government moves to tighten rules for crypto
Tighter regulations on the burgeoning cryptocurrency market will be introduced in an attempt to protect the estimated one million Aussies dabbling in the sector.
Treasurer Jim Chalmers announced a string of measures on Friday, including strengthening enforcement of crypto providers and bolstering consumer protections.
The regulations follow last year’s spectacular collapse of FTX, one of the world’s largest cryptocurrency exchanges, which left thousands of Australian investors out of pocket.
Globally, market watchdogs have been concerned people are entrusting their digital assets to a trading platform and mistakenly think they have the same protections as when buying shares online.