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HomeBusinessAustralia’s Financial Watchdog Expands Team to Better Regulate Crypto

Australia’s Financial Watchdog Expands Team to Better Regulate Crypto

The Australian Securities and Investments Commission (ASIC) has increased the size of its cryptocurrency team, Guardian reportthe popular blockchain is proof of work to (PoW) Proof of Stake (PoS) system.

With this change, U.S. Securities and Exchange Commission Chairman Gary Gensler said: state PoS-based tokens may be classified as securities.

ethereum Fresh scrutiny follows last week’s merger event as ASIC appears poised to decide whether the second largest cryptocurrency on the market will come under scrutiny.

If ASIC decides to introduce a PoS token like Ethereum, CardanoWhen Solana Under that power, cryptocurrency exchanges could be forced to delist them or start complying with stricter regulatory requirements.

This includes applying for financial services licenses and demonstrating that these platforms secure significant liquidity.

Such a move could force some cryptocurrency companies to adjust their operating models. tetherThe largest stablecoin on the market stuck Controversy has arisen over the claim that it failed to hold enough dollar reserves to back the stablecoin.

The regulator has yet to make a final decision, but executive director of markets Greg Yanko said. Guardian That ASIC will not be a “Crypto Cheerleader”.

Australian crypto

A study conducted by SEC Newgate for ASIC last November Indicated 44% of Australian retail investors reported holding cryptocurrencies, with only 20% of them viewing them as risky.

In response, ASIC Commissioner Joe Longo said: Said “Given the increasing popularity and promotion of cryptocurrency investments, the regulator is concerned about the limited protections available for cryptocurrency investments,” the regulator said. There are strong reasons why cryptocurrency regulation is needed to better protect investors.”

Yanko further said that until last year, cryptocurrencies were not a big priority for regulators.

But once the crypto recession took hold and wiped out investors’ money around the world earlier this year, ASIC expanded its team and made crypto one of its “core strategic projects.”

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