An Australian advisory council has identified crucial characteristics that would facilitate cryptocurrency acceptance.

The federal guideline proposes focusing on four critical areas to promote safer crypto use in Australia and reduce cybersecurity dangers.

The Australian cybersecurity advisor, the Cyber Security Industry Advisory 

Committee, highlighted numerous crypto-related prospects for the government to pursue as it prepares for the worldwide mainstreaming of cryptocurrency.

The paper, titled Exploring Cryptocurrencies, was issued by Australia’s Department of Home Affairs and mentions the surge in crypto acceptance as the country faces a fast shift to a sophisticated digital economy.

The federal guideline suggests looking at four critical areas that might “help secure the safe adoption of cryptocurrencies in Australia”: minimum cyber security requirements, capacity (knowledge gained via specialised training), the follow-the-lead approach, and operator transparency.

The committee suggested mandating baseline cyber security requirements for crypto exchanges and Australian firms that hold cryptocurrency, with the primary purpose of decreasing cybersecurity risks directed at cryptocurrencies. Jonathon Miller, managing director for Australia at cryptocurrency exchange Kraken, feels that “minimum security requirements and more manpower to combat sophisticated cybercrime will go a long way toward safeguarding investors.”

Furthermore, the recommendation urged a greater emphasis on increasing public knowledge through expert training on possible crypto possibilities as well as accompanying cybercrimes and hazards. It suggests a “follow-the-leader” strategy in which Australia learns and adopts worldwide best practises in the crypto domain.

The committee advocates for greater openness regarding registered crypto exchanges and blockchain-based enterprises, citing crypto’s inherent pseudo-anonymity.

In addition to the suggestions, the Cyber Security Industry Advisory Committee noted a number of possibilities that would arise as cryptocurrencies become more prevalent. The research demonstrates blockchain’s disruptive potential for tokenizing financial assets such as loans, carbon credits, and real estate.

Furthermore, embracing bitcoins “allows enterprises to reach out to a new group of clients.” Finally, the analysis finds that offsetting carbon emissions is one of the most promising options when crypto enters the mainstream.

Ehrlich cites economic equality as one of the primary benefits of cryptocurrency, as well as the fact that it provides access to investor sectors that have been excluded from previous booms.