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Mar. 28, 2022 | BUSINESS
Australia’s “Crypto Badge of Approval” Makes Crypto Trading Better
- The Australian government is supportive of cryptocurrency, introducing a new “crypto badge of approval” initiative to make it simpler for businesses to accept cryptocurrency.
The Australian government has opted to take a positive stance on cryptocurrency. They introduced a new “crypto-badge of approval” program that would make it simpler for businesses to incorporate the technology.
The program, which is being run by the Australian Securities and Investments Commission (ASIC), will allow businesses to self-certify that they meet certain requirements to be able to use cryptocurrency. The requirements include having a robust KYC/AML program in place, as well as ensuring that customers are made aware of the risks associated with cryptocurrency, according to the report.
Businesses who wish to join in the program will be able to display a “crypto-badge” on their website or in their store to signify that they have been certified by ASIC. The badge will also feature a QR code that can be used to confirm the company’s certification.
The program is still in its trial phase, with only a few businesses certified. ASIC intends to broaden the program’s scope later this year.
Trading Cryptocurrency Securely
This is likely to be welcomed by Australia’s crypto community, as it will make it easier for businesses to use cryptocurrency. It also sends a message that the Australian government is supportive of cryptocurrency and is eager to collaborate with businesses to help them utilize it responsibly.
The program also serves as an excellent reminder to investors to exercise caution when trading cryptocurrency. Even though the seal of approval will make it simpler to discover respectable firms that use cryptocurrency. Investors should still conduct their own research before investing in any cryptocurrency.
How Does the Crypto Badge of Approval Work?
The crypto badge of approval is a voluntary program that ASIC is running to help businesses adopt cryptocurrency safely.
To be certified, firms must have a strong KYC/AML program in place, as well as make clients aware of the risks connected with cryptocurrency trading.
The Australian government is supportive of cryptocurrency, introducing a new “crypto badge of approval” initiative to make it simpler for businesses to accept cryptocurrency.
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