Arijit Sarkar, a Cointelegraph editor, writes that a study conducted by the Cyber Security Industry Advisory Committee, highlights a number of crypto-related opportunities for the government to pursue as it prepares for the extensive mainstreaming of cryptocurrency.
The paper, titled Exploring Cryptocurrencies, was released by Australia’s Department of Home Affairs and cites the surge in crypto acceptance as the country faces a rapid shift to an advanced digital economy:
“Regulatory frameworks that provide greater clarity and certainty about how the bitcoin industry can operate in Australia are required.”
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The federal advisory recommends the 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), the follow-the-lead approach and operator transparency.
With a primary goal of reducing the 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 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:
“Educational programs with accurate, consistent messaging will allow investors to better understand both the investment and cybersecurity risks while helping to demystify cryptocurrencies for all Australians.”
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.
