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Monday, August 15, 2022

Australia Is About To Crackdown On Misleading Crypto Ads

Caroline Malcolm, the head of international policy for Chainalysis, believes Australia’s new rules regarding crypto governance would closely follow United Kingdom’s.

She further stated that they could potentially be looking at something along the lines of the UK model which would be focusing intensely on a crackdown on all the misleading advertising- or even advertising that didn’t bother to present the risks along with the opportunities laid on the screen. During the Chainalysis Links event that took place in Sydney, Malcolm informed Cointelegraph that this meant the treatment of crypto services and products quite similarly to financial services and products when it came to promotion and advertising. 

Chainalysis Event In Australia Highlights New Regulation Procedure

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Back in March, the Advertising Standards Authority in the United Kingdom went on to release new guidance that required advertisers to highlight the level of risk that one would associate with investing in cryptocurrencies. Australia’s Malcolm also went on to note that Singapore took a distinctly different approach by effectively banning all forms of public marketing of crypto to retail customers.

She mentioned that it was not about banning advertising or even banning the sale of particular assets to particular parts of the community. Rather, it was about ensuring that there would not be any misleading or dubious advertising- and also that there were disclosures about what one was purchasing. 

The Chainalysis Links event that took place in Australia on Tuesday does mark the first in-person conference for the blockchain data platform in the country. Close to 100 participants went on to attend, coming from both the traditional, crypto, commercial, and government sectors. The parliament in the country has recently been sending pretty strong signals about the need to bring about regulation for the digital asset market. 

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