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Australia greenlights crypto exchange approval through verification badge

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The Australian government will now allow safer and more secure cryptocurrency transactions for citizens by issuing a “badge of approval” for crypto exchanges.

With this, established trust can be established so that there are no “what ifs” if people want to enter the digital token industry. However, be prepared for some risks such as unstable markets and high volatility rates.

Australia Approval Badge for Crypto Exchange

The Australian Government will now ensure safer crypto trading for investors through the Badge of Approval.

According to the latest report from ZDNETJane Hume, the government’s Digital Economy Minister, said on Monday March 21 that Australians can now enjoy a safe environment for crypto investments.

With the new implementation of digital transactions, users can now trust crypto exchanges because of the additional measure of verification that comes as an official badge of approval.

“THE crypto values will rise and fall as eggs and governments fail to protect consumers from market volatility – nor should they. But Australian investors can trust that if they use a licensed Australian exchange, they can trust that this exchange will do so.

Honoring our commitments to our customers and having appropriate protections in place,” Hume said.

He added that the Australian badge of approval would be a unique “mark of quality” for users. Furthermore, they are also launching another new innovation for crypto exchanges in the form of custodial arrangements.

Also read What happens to customer funds when a crypto exchange crashes?

In this regard, Hume said that the government wanted to give users access to their assets, which is why they came up with this idea.

Trust between a crypto investor and Exchange

With the badge of approval, the Australian government hopes to help investors get involved in the growing crypto sector. With this, they want to establish trust between the user and the cryptocurrency service.

Additionally, there will be more transparency in the latest change. Hume said they won’t regulate cryptocurrencies because they don’t have the same impact as other financial assets.

Regardless of this decision, it is still up to the user if they invest money in these crypto services. After all, the bear market is still felt today, and they have plenty of time to evaluate their options before diving into a new, now “trusted” investment.

Source: The Blog

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