had lost more than $205 million to scams. Notably, cryptocurrency investments accounted for the majority of lost funds . The ACCC warned that consumers are vulnerable to cryptocurrency scams, which is why they should be very cautious when it comes to dubious investment offers. She believes that it’s possible to reduce the number of cryptocurrency-related fraud cases with the help of stringent regulation.
Back in March, the government published a consultation paper covering cryptocurrency market licensing, taxation, custodial services as well as decentralized autonomous organizations. , Prime Minister Anthony Albanese announced the start of “token mapping” in a first governments around the world. Australia will determine the characteristics of the main cryptocurrencies.
Last month, the ACCC started testing a new service that automatically takes down cryptocurrency scam websites once people report them.