Chainalysis head of international policy Caroline Malcolm expects Australia’s new rules governing cryptocurrency advertising, promotion and consumer protection to follow the same path as the United Kingdom when they go into effect over the next year.

“I think we’re more likely to see something like the British model that’s really focused on cracking down on misleading ads or ads that don’t present risks along with opportunities.”

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During the Chainalysis Links event in Sydney on June 21, Malcolm told Cryptooshala that it means treating crypto products and services the same as financial products and services when it comes to advertising and promotion.

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In March, the UK Advertising Standards Authority (ASA) released new guidance requiring advertisers to clearly state the level of risk associated with investing in cryptocurrencies. Malcolm noted that Singapore has taken a different approach, effectively banning any public marketing of cryptocurrencies to retail customers.

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“It’s not about banning ads or banning certain assets from being sold to certain parts of society, but about making sure there’s no misleading advertising, that there’s disclosure of what you’re actually buying when you get into that sector. . ,” she said.

Malcolm said that in addition to the advertising rules, a number of consumer protection measures will also be introduced, such as requiring crypto exchanges to verify that their clients understand the risks of investing as part of the registration process.

“When you connect to any crypto exchange or platform, you need to answer a few questions about […] the level of risk in that space or the nature of specific risks.”

“It’s more of an idea that there’s a barrier to entry that you can’t just jump over and start trading.”

First Australian Conference

The Chainalysis Links event on Tuesday marked the first in-person conference for a blockchain data platform in Australia. Approximately 100 participants attended from both the cryptocurrency and traditional commercial and government sectors.

The Australian Parliament is sending strong signals about the need to regulate the digital asset market.

In October 2021, the Australian Senate Committee as a Technology and Financial Center released its long-awaited recommendations on how it can regulate cryptocurrencies and digital assets.

Binance Australia CEO: Regulations Will Set Higher Standards in Cryptocurrency

In March, the discussion was further developed with the consultation paper “Crypto Asset Secondary Service Providers: Licensing and Custody Requirements”, which sought feedback on minimum standards of conduct for crypto asset service providers and consumer safety measures.

Malcolm says she expects any changes to Australian advertising, promotion and consumer protection laws to come into effect within the next 6-12 months, but said it would also depend on how prioritized cryptocurrency regulation is for the recent elected Labor government, which came into force. power in May.

“Three weeks have passed since the elections. So we haven’t heard any news yet. But I certainly expect to hear something before the end of the year in terms of where they see the timeline for that. […] part of the legislation.