The federal advisory suggests exploring four key areas to support a safer adoption for crypto in Australia and dampen cybersecurity threats.
Cyber Security Industry Advisory Committee, the Australian cybersecurity advisor, highlights various crypto-related opportunities for the government to undertake as it prepares for the global mainstreaming of cryptocurrencies.
The study released by Australia’s Department of Home Affairs, titled ‘Exploring Cryptocurrencies’, cites the rise in crypto adoption as the country undergoes a rapid transformation to an advanced digital economy:
The Federal advisory recommends exploration of four key areas that can “help ensure the safe adoption of cryptocurrencies in Australia” — minimum cyber security standards, capability (awareness through specialized training), follow-the-lead approach and operator transparency.
With the primary goal to dampen cybersecurity threats aimed at cryptocurrencies, the committee recommended mandated minimum cyber security standards for crypto exchanges and Australian businesses that hold cryptocurrencies. Crypto exchange Kraken’s Managing Director for Australia Jonathon Miller believes that “minimum standards for security, and greater resourcing to fight sophisticated cybercrime will go a long way to protecting investors.”
In addition, the advisory suggested an increased focus on increased public awareness via specialist training on the available crypto opportunities and corresponding cybercrimes and threats. It all recommends a ‘follow-the-lead’ approach wherein Australia learns and implements international best practices in the crypto space.
Highlighting the inherent pseudo-anonymity of crypto, the committee calls for increased transparency around registered crypto exchanges and blockchain-based companies:
In addition to the recommendations, the Cyber Security Industry Advisory Committee highlighted a number of opportunities that accompany mainstreaming of cryptocurrencies. The study reveals blockchain’s disruptive potential to tokenize financial assets including loans, carbon credits and real estate.
Moreover, accepting cryptocurrencies “enables businesses to tap into a new set of customers.” Finally, the study reveals that offsetting carbon emissions is one of the biggest opportunities as crypto makes it way into the mainstream.
Related: Crypto businesses will be rewarded over the long term, says Voyager CEO
In a dialogue with Cointelegraph, the co-founder and CEO of Voyager Digital Stephen Ehrlich opined why patience is the key for crypto businesses:
Citing economic equality as one of the main advantages, Ehrlich also said that crypto gives access to investor segments who missed out on past booms.