“The Commission is also mindful of the recent volatility in the value of cryptocurrency and the need to ensure that risks are properly identified and managed,” read a statement from the NTRC.
The NTRC expects all industry comments on the matter to be forwarded to it by September 29. Next, he hopes to write regulations as a guide for using crypto – to initially settle payments, and then potentially to make bets as well.
In related news, this week the Australian Treasury announced plans to launch a “token mapping” audit of the country’s crypto sector, to identify and catalog the different types of digital assets available to investors. Australians, with consumer protection at the forefront. .
“With the increasingly widespread proliferation of crypto assets – to the extent that crypto advertisements can be seen all over major sporting events – we need to ensure that customers who engage with crypto are properly informed and protected” , said Treasurer Jim Chalmers.