The Cyber Security Industry Advisory Committee, the Australian cybersecurity advisor, highlights various crypto-related opportunities for the government to undertake as it prepares for the global mainstreaming of cryptocurrencies.

The study, released by Australia’s Department of Home Affairs and titled Exploring Cryptocurrencies, cites the rise in crypto adoption as the country undergoes a rapid transformation to an advanced digital economy:

“There is a need for regulatory settings that provide greater clarity and confidence about how the cryptocurrency market can operate in Australia.”

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…


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