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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Australia’s National Disability Insurance Scheme (NDIS) is on high alert following a high-profile ransomware attack on law firm HWL Ebsworth, where sensitive client information may have been compromised and released on the dark web. Russian ransomware group
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The Australian government needs to quicken its pace in developing crypto regulation or risk falling behind developing markets, according to the chair of a new crypto think tank.Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC) — the newly launched policy institute under the ADC Forum —
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“With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24 hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers," James Roberts,
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The Australian government is being pushed to ban the payment of cyber ransoms, usually demanded in cryptocurrency, following a local business suffering a mass data breach and subsequent ransom demand.Australian consumer lender Latitude Financial first announced on March 16 that it was hit by a cyberattack and provided an update
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In its bid to ensure all consumers are adequately protected from any form of market disadvantage, ASIC has consistently warned residents of the dangers associated with dealing in highly speculative assets like crypto. The Australian Securities and Investments Commission (ASIC) has revoked the license granted to crypto outfit Binance Exchange through
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“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law. Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority," ASIC Chair
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Australia's CBDC pilot, run by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), began last year to explore use cases for a CBDC. The DFCRC is a 180 million Australian dollar (US$124.3 million) program, funded by industry partners, universities and the Australian Government. Source
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“From a central bank perspective, they’re interested in financial stability and the links between a fiat traditional financial system and the crypto system,” Gordon told The Australian. “The Treasury in Australia is more interested and involved in setting the framework and we believe the RBA will increasingly get more involved
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Crypto legislation in Australia could be dragged out past 2024 and beyond, with the government seemingly wanting to take its time in order to get a full picture of the industry — internal documents from the government have revealed. The documents, obtained by The Australian Financial Review under Freedom of Information laws,
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The Reserve Bank of Australia has revealed a set of projects that will develop use cases for a digital dollar, the eAUD, during its testing phase, currently underway. Original Source
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