Caroline Malcolm, the head of Chainalysis’ international policy, expects that Australia’s new crypto advertising, promotion, and customer protection rules will follow a similar path to the U.K.’s when they are implemented soon.
“I think we’re more likely to see something along the lines of the U.K. model which is really focusing on a crackdown on misleading advertising or advertising which doesn’t present the risks alongside the opportunities,” Malcolm said.
Australian crypto ads crackdown to follow U.K. model
The Advertising Standards Authority (ASA) of the U.K. issued new guidelines in March requiring advertisers to explain the risk involved with investing in cryptocurrency explicitly.
Malcolm stated that in addition to regulations on advertising, there will also be a number of consumer protection measures implemented. This includes the requirement for cryptocurrency exchanges to confirm that their customers understand the risks associated with investing as part of their onboarding process.
“It’s more this idea that there’s some sort of barrier to entry that you can’t just sort of jump on and start trading,” she added.
Chainalysis holds first Australian event
The Chainalysis Links event on Tuesday was Australia’s first in-person conference for the blockchain data platform. Around 100 people attended, representing both the crypto and traditional commercial and government sectors.
Malcolm anticipates that revisions to Australia’s advertising, marketing, and consumer protection rules will take effect within the next 6-12 months. She emphasized, however, that this would also depend on how vital crypto regulation is to the newly elected Labor government, which took office in May.
The Australian parliament has emphasized the importance of regulating the digital asset market.
The Senate Committee on Australia as a Technology and Financial Centre published its eagerly anticipated recommendations on regulating cryptocurrencies and digital assets in October 2021.