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The head of international policy at Chainalysis, Caroline Malcolm, anticipates that Australia's new laws covering crypto advertising, promotion, and consumer protections will mirror those of the United Kingdom when implemented within the following year.
"I think we're more likely to see something like the U.K. model, which is focusing on a crackdown on misleading advertising or advertising which doesn't present the risks alongside the opportunities."
During the Chainalysis Links event in Sydney on June 21, Malcolm told Cointelegraph that crypto products and services should be advertised and promoted similarly to financial products and services.
In March, the U.K.’s Advertising Standards Authority (ASA) issued new guidelines mandating that advertisers disclose the risk involved with investing in cryptocurrencies. Malcolm remarked that Singapore adopted a different strategy by prohibiting the sale of cryptocurrencies to retail customers.
“It’s not about banning advertising or banning the sale of particular assets to particular parts of the community, but really about making sure that there’s no misleading advertising, that there are disclosures about what you’re actually buying when you’re getting into the sector,” she explained.
In addition to advertising regulations, several consumer protection measures will be implemented, according to Malcolm, including a need for crypto exchanges to ensure that their consumers understand the dangers of investing as part of their onboarding process.
“When you’re onboarding to some sort of crypto exchange or platform, you need to answer a few questions about […] the level of risk in this space or the nature of specific risks. 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.”
Tuesday’s Chainalysis Links event was Australia’s first in-person blockchain data platform conference. There were around 100 attendees from both the crypto and traditional commercial and government sectors.
The Australian government has sent strong signals on the necessity to regulate the digital asset market.
In October 2021, the Senate Committee on Australia as a Technology and Financial Centre issued long-awaited proposals on how the nation may regulate cryptocurrencies and digital assets.
In March, a consultation paper titled “Crypto asset secondary service providers: Licensing and custody requirements” solicited opinion on baseline standards of conduct and consumer protections for crypto-asset service providers.
She anticipates that any modifications to Australia’s advertising, promotion, and consumer protection legislation will be implemented over the next 6 to 12 months. However, this will depend on how vital crypto regulation is to the newly elected Labor government, which took office in May.
“We’re three weeks into post-election. So we haven’t heard any news yet. But I would certainly expect to hear something before the end of the year in terms of where they see the timeline for this […] piece of legislation.”
