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Australia strengthens crypto watchdogs with plans to fight scams

The Australian government is bolstering its market regulator’s digital asset team as part of a multi-stage approach aimed at clamping down on crypto and ensuring proper risk disclosures from crypto firms.

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The Australian government is bolstering its market regulator’s digital asset team as part of a multi-stage approach aimed at clamping down on crypto and ensuring proper risk disclosures from crypto firms.

A joint statement by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones explained that the new measures are aimed at protecting consumers dealing with cryptocurrency.

The treasurers said the multi-stage approach would involve three elements, including strengthening enforcement, bolstering consumer protection, and establishing a framework for its token mapping reform.

One of the main changes will be an increase in the size of the Australian Securities & Investments Commission (ASIC)’s digital assets team and “upping enforcement measures.”

Chalmers and Jones said that ASIC would focus on ensuring that the risks to consumers from crypto products and service providers are appropriately disclosed.

Meanwhile, the government is set to give new tools to the Australian Competition and Consumer Commission (ACCC), the country’s competition watchdog, to protect consumers from crypto-related scams. It noted scam losses involving crypto payments totaled $221 million in 2022.

The new tool will come in the form of a real-time data-sharing tool that the ACCC will use to identify and prevent crypto scams.

Consumer protection will also be bolstered when a framework is finalized to regulate the licensing and custody of digital assets to “ensure consumers are protected from avoidable business failures or from the misuse of their assets by service providers.”

However, this framework will not begin until mid-2023, and will likely take considerable time before being implemented into legislation.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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