Is crypto a financial product? Australian regulators seem to think so, but one lawmaker is crying foul as new guidelines prevent influencers from promoting financial products, including crypto.
New warnings from the Australian Securities and Investments Commission on appropriate conduct for financial influencers could have a dramatic impact on the local crypto industry.the traps influencers and the companies that hire them could fall into while wittingly or unwittingly promoting financial products. The penalties for failing to heed ASIC’s warnings could lead to millions of dollars in fines for corporations and up to five years in prison for individuals.
One point of confusion in the new rules concerns exactly what constitutes promotion as opposed to innocuous informing of financial products. Financialfrom Strong Money Dave Gow wrote on March 29 that “Writing almost anything could influence someone to invest or use any financial product.”
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