Security News > 2023 > November > IT Pros in Australian Crypto Need to Brace for Regulation

The Australian government is moving towards regulating cryptocurrency, with a focus on those involved in developing and maintaining crypto platforms.

Cryptocurrency is known for its vulnerability, with Australia experiencing several incidents, including a AUD$40 million hack on the crypto betting platform, Stake, and the theft of over one million from an Australian Bitcoin bank in 2013.

The lack of regulation in the crypto space has long been cited as a reason for a lack of security in the crypto space.

First and foremost, IT professionals working in crypto and on trading platforms will need to be aware of the security obligations under the Australian Financial Services licence.

Another area where IT teams in crypto will need to "Skill up" rapidly in is the depth and complexity they can handle data, and this includes the classification of crypto assets.

In short, crypto platforms will be challenged to transform with the regulations the Australian government has on its agenda.

News URL

https://www.techrepublic.com/article/crypto-regulations-australia/