The head of corporate regulator ASIC has voiced concern about the rising number of cryptocurrency investors in Australia, saying many buyers of Bitcoin and other digital assets don’t fully understand the risks of what they’re investing in | domp
The head of corporate regulator ASIC has voiced concern about the rising number of cryptocurrency investors in Australia, saying many buyers of Bitcoin and other digital assets don’t fully understand the risks of what they’re investing in.
“That’s a troubling finding,” he said. “My concern is that consumers and investors are not fully understanding the risks of this activity and ... not fully understanding what they’re investing in as well.”“If things go wrong, the current regulatory arrangements don’t give ASIC many options at all to intervene.
by the former government, and are currently in the process of being assessed and implemented by regulators and Treasury.Longo says ASIC has been working closely with the government on new regulations, including the issue of unregulated financial advice provided online, which has become a popular source of information for new investors.
ASIC’s head of markets Calissa Aldridge said unregulated online financial advice would continue to be a point of focus for the market watchdog, but acknowledged the rise of social media advice was helping younger investors get a footing.
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