Earlier this week, Australia’s Department of Home Affairs revealed a report in which the Cyber Security Industry Advisory Committee outlines key steps the government can adopt to go ahead of other countries such as the US, the UK and Singapore in the digital assets. Specifically, some key measures are recommended to accommodate secure bitcoin adoption and reduce security threats.
Key Steps To Secure Bitcoin Adoption
The report recommends that guidelines should be provided to ensure the safe adoption of cryptocurrencies in Australia, including:
Minimum cyber security policies
According to the report, cyber security must be a significant concern when it comes to the adoption of cryptocurrencies.
The committee advised the government on setting minimum cyber security requirements on crypto exchanges and businesses that own crypto. They also stressed the need for “a shared responsibility” in this effort.
Capability and awareness
Also included in the committee’s recommendations is the dire need to provide business, government, law enforcement, regulatory and criminal intelligence agencies with adequate and appropriate resources, contributing to meeting the needs of the ever-evolving digital world.
The study also proposes “specialist training” to raise public awareness of prospective crypto-crimes.
Recently launching a new “payments and crypto reform plan”, the Australian government is now working closely with state and territory authorities to provide these agencies with the relevant capabilities. At the same time, it bolstered the police’s investigation and prosecution of cyber-criminals, as well as strived to freeze cryptocurrencies suspected to represent the proceeds of crime.
A “follow-the-leader” approach
The advisory panel recommends a “follow-the-leader” approach so that the Australian government can learn from and implements the best international practices in the crypto world.
A wide range of nations is implementing significant steps to enhance bitcoin capacity and capability inside their borders. The report reads that following the example of countries that have taken the lead, Australia can learn from their experiences and coordinate the worldwide best practices in the field of bitcoin cybersecurity.
The operator’s openness
The Australian advisory committee has also called for more transparency in regards to registered crypto exchanges and blockchain-based businesses in this country:
“Educational programs with accurate, consistent messaging will allow investors to better understand both the investment and cybersecurity risks while helping to demystify cryptocurrencies for all Australians.”
Implementation of the Bragg Report
The committee further recommends that the government enact the 12 crypto-regulation proposals included in the “Bragg Report”.
Last year, the Senate Select Committee on Australia as a Technology and Financial Centre was chaired by Liberal senator Andrew Bragg, and its final report was released in October.
A new market licensing framework for digital currency exchanges and new custody and depository regime for organisations that hold digital assets were among the recommendations.
As the Cyber Security Industry Advisory Committee study stated, “the Federal Government’s implementation of The Bragg Report recommendations will play a key role in creating an environment of increased transparency, building consumer confidence into the future.”
