Australian regulators plan to focus on crypto assets and Defa related fraud in the next four years


According to the news from anews on August 24, cointegraph reported that Australia's financial regulator, the Australian Securities and Investment Commission (ASIC), promised to focus on crypto assets and decentralized Finance (defi) in the next four years. ASIC stated in its latest four-year strategic plan that it will pay special attention to fraud and crypto assets, and some of its actions will include raising public awareness of the risks inherent in crypto assets and decentralized finance.

Joe Longo, chairman of ASIC, said that SCAMwatch, a website that provides consumers and enterprises with information on identifying, avoiding and reporting fraud, received 4783 encrypted investment fraud reports and reported losses of US $99 million in 2021. Joe Longo said that regulation is coming, but we must design a framework suitable for us to operate within our existing legal and regulatory arrangements.

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