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Australia cracks down on cryptocurrency irregularities: Harsh punishments for offenders

Australian regulator

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TL;DR

  • The Australian government is becoming more strict towards individuals involved in cryptocurrency irregularities.
  • Recent research by Melbourne’s RMIT University shows that 80% of criminal cases are related to Bitcoin and other digital assets.
  • Drug trafficking is the most common criminal activity associated with cryptocurrency in Australia.

 

The Australian government has become increasingly stringent towards individuals involved in cryptocurrency hacks and other crypto irregularities, which have recently surged. Recent research suggests that those caught engaging in cryptocurrency irregularities face more harsh punishments than those violating fiat currency regulations.

Melbourne’s RMIT University analyzed 59 criminal cases related to Bitcoin (BTC) and other digital assets from 2013 to 2022. The research findings revealed that 80% of these cases were associated with drug trafficking, while the remaining cases were linked to money laundering.

According to a study by Independent Reserve, more than a quarter of Australians, as of the end of 2022, were holding on to their cryptocurrency assets (HODLers). The study also revealed that younger generations were more interested in this asset class, with 40% of respondents aged between 25 and 34 having some exposure to cryptocurrency. However, those over 65 showed less interest, with less than 10% invested in cryptocurrency.

The study showed that cryptocurrency awareness was high in Australia, with Bitcoin being the most recognizable digital currency, which was known to 90.8% of the participants. Ethereum was the second most well-known digital asset, with 43% of respondents having some knowledge of it. Other popular cryptocurrencies include Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), Solana (SOL), and Tether (USDT).

With a quarter of Aussies being HODLers and younger generations showing more exposure to this asset class, it is clear that crypto is becoming a significant player in the financial world. The high awareness surrounding cryptocurrencies like Bitcoin, Ethereum, and others further indicates that this trend is here to stay.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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