The Australian cybersecurity advisor, the Cyber Security Industry Advisory Committee, highlights a number of crypto-related opportunities for the government to pursue as it prepares for the worldwide mainstreaming of cryptocurrency. Minimum cyber security standards, capability (knowledge through specialised training), follow-the-lead strategy, and operator openness are all included in the Federal advice as areas that can “help secure the safe adoption of cryptocurrencies in Australia.”
The committee suggested mandating baseline cyber security requirements for crypto exchanges and Australian businesses that hold cryptocurrency, with the primary goal of reducing cybersecurity risks aimed at cryptocurrencies. Jonathon Miller, the Managing Director for Australia at crypto exchange Kraken, feels that “minimum security standards and increased manpower to combat sophisticated cybercrime will go a long way to protecting investors.”
In addition, the recommendation eyes for a greater emphasis be placed on raising public knowledge through professional training on the potential crypto possibilities as well as the corresponding cybercrimes and hazards. It suggests that Australia takes a ‘follow-the-leader’ approach in the crypto area, learning and implementing worldwide best practices. The Cyber Security Industry Advisory Committee also noted a variety of opportunities that come with the mainstreaming of cryptocurrencies, in addition to the suggestions. The study demonstrates how blockchain might be used to tokenize financial assets such as loans, carbon credits, and real estate.
Accepting cryptocurrency also “allows enterprises to reach out to a new group of clients.” Finally, as cryptocurrency becomes more mainstream, the analysis finds that offsetting carbon emissions is one of the most promising opportunities.
It’s a wrap for this story.