The Australian cybersecurity advisor, the Cyber Security Industry Advisory Committee, has highlighted different crypto-related opportunities that the government can undertake, as it is gearing up for cryptocurrencies to become mainstream globally. The Department of Home Affairs in Australia released the study, which was titled Exploring Cryptocurrencies. It refers to an increase in crypto adoption, as the country is undergoing a rapid transformation to become an advanced digital economy. It stated that regulatory settings were required to provide confidence and clarity about how the crypto market can operate in the country. According to the federal advisory, there are four key areas that should be explored, as they can help in ensuring the safe adoption of crypto in the country.
These are capability that will use specialized training to create awareness, minimum cyber-security standards, operator transparency and the follow-the-lead approach. The committee’s primary goal was to reduce the cybersecurity threats that are associated with cryptocurrencies. Therefore, it recommended some mandatory minimum cyber security standards for Australian businesses holding cryptocurrencies as well as crypto exchanges. The managing director for crypto exchange Kraken in Australia, Jonathon Miller stated that minimum security standards and greater resourcing can go a long way in fighting sophisticated cybercrime, which could help ensure investor protection.
Furthermore, the advisory also said that there should be greater focus on increased public awareness, which can be done through specialist training about the crypto opportunities that exist and the corresponding threats and cybercrimes. They have recommended a ‘follow-the-lead’ approach that will see Australia learn and then adopt best practices in the crypto space that are used internationally. The committee also highlighted the pseudo-anonymity of cryptocurrencies and said that blockchain-based companies and crypto exchanges need to have increased transparency. The committee said that educational programs that provide consistent and accurate messaging would help investors in developing a better understanding of the investment, along with the risks associated with it.
This would help in demystifying crypto for Australians. The Cyber Security Industry Advisory Committee not only gave recommendations but also highlighted various opportunities that could come with mainstream crypto adoption. The study shows the disruptive potential of blockchainto tokenize financial assets, which include carbon credits, loans and real estate. Furthermore, businesses can also tap into a whole new set of customers when they accept cryptocurrencies. The study finally revealed that one of the biggest opportunities to explore as crypto becomes mainstream is to offset carbon emissions.
The CEO and co-founder of Voyager Digital, Stephen Ehrlich had also recently said that crypto businesses require a lot of patience. He highlighted that crypto was the asset class that had managed to outperform all other traditional ones last year, including gold, crude oil and even the S&P 500. He said that the long-term viability of cryptocurrencies has also become apparent, as more people are now interested in holding onto it. Ehrlich said that crypto can offer economic equality and investors who were not able to benefit from past booms can now do so without any problems, thanks to the crypto space.