Cryptocurrencies such as bitcoin have become increasingly popular as a speculative asset class, but whether they are financial products under the law is a grey area that industry and government are trying to clarify.
Fintech Australia also noted the role of crypto “finfluencers” in its submission, which said its members believed being able to provide regulated financial advice on cryptocurrency would benefit the industry.
“FinTech Australia members ask that crypto asset finfluencers be regulated just as ASIC is seeking to regulate finfluencers in the traditional financial services sector.” It called for curbs similar to those on gambling ads during live sporting broadcasts likely to be seen by children.
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