In its latest corporate strategy report, the Australian Securities and Exchange Commission (ASIC) highlighted that it considers crypto scams as a top priority on its list of regulatory concerns.

“Another focus for us is scams involving crypto-assets and the harms these products pose more generally for investors,” the report also declares. 

Crypto Regulations and Awareness

On August 28, ASIC announced its determination to focus on sectors within the economy that pose risks to Australians.

“ASIC will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent.”

ASIC outlines a series of actions it intends to implement in order to tackle crypto scams within Australia.

Top of the list was crypto regulations, a similar priority for many countries at the moment, noting:

“Supporting the development of an effective regulatory framework focused on consumer protection and market integrity following the consultation by Treasury,” it states.

ASIC also notes that it will scrutinize crypto product disclosure statements. The regulator declares it will take action against those that provide misleading promotions of high-risk investments. It also intends to target firms that fail to disclose appropriate risks.