Global blockchain supervision and query platform

English
Download

Australia's Top Financial Regulator Urges Investors Not to Put All Their Money Into Crypto

Australia's Top Financial Regulator Urges Investors Not to Put All Their Money Into Crypto WikiBit

The head of the ASIC is urging investors not to bet everything on crypto

Australian Securities and Investments Commission chair Joseph Longo has urged investors not to bet their farm on crypto in a recent interview with The Australian Financial Review:

“My personal warning to people is to be careful and dont put all your money into crypto.”

At the same time, Longo has also made it clear that Australia‘s top financial regulator doesn’t oppose the cryptocurrency industry, but it wants to root out bad behavior.

The ASIC finds it concerning that a large number of Australians are exposed to risky cryptocurrency assets.

It has been estimated that there are roughly 2 million cryptocurrency owners in Australia.

Longo says that it's challenging to supervise the cryptocurrency industry since a lot of projects are not classified as “financial products.”

He also called attention to the growing number of cryptocurrency-related scams in Australia.

Last month, federal police reported that Australians had lost A$109 million to crypto fraudsters in 2021.

Earlier this week, the ASIC issues a warning about the risks linked to investing retirement funds into crypto.

In early December, Federal Treasurer Josh Frydenberg announced his plan for regulating the crypto industry. The government also plans to issue its own cryptocurrency.

For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00