The chairman of Australia’s Securities and Investments Commission (ASIC) says crypto is “being pushed by extraordinary shopper and investor demand,” noting that “The implications for customers are probably enormous.” The securities regulator is at present working with lawmakers to develop guidelines for cryptocurrencies.
Regulator Sees ‘Extraordinary Consumer and Investor Demand’ for Crypto
Australian Securities and Investments Commission (ASIC) Chair Joe Longo talked about cryptocurrency on the Australian Financial Review’s Super & Wealth Summit Monday.
“Consumers ought to method investing in crypto with nice warning,” he stated, emphasizing its lack of investor safety. However, Longo opined:
Crypto is on our doorstep, right here and now, and being pushed by extraordinary shopper and investor demand. The implications for customers are probably enormous.
While noting that the securities regulator is working with lawmakers to develop guidelines for cryptocurrencies, he harassed that many crypto property are at present unregulated so buyers are on their very own when investing in them.
“At current many crypto property are most likely not monetary merchandise,” he defined. “ASIC has already supplied some steerage on exchange-traded funds linked to crypto property — they no less than are monetary merchandise, and traded on a licensed alternate, so there shall be some safety there.”
Nonetheless, the ASIC chief cautioned:
For probably the most half, for now no less than, buyers are on their very own.
Earlier this month, Commonwealth Bank of Australia (CBA or Commbank), the nation’s largest financial institution, introduced that it’s going to begin permitting some shoppers to purchase, promote, and maintain cryptocurrencies straight utilizing its app. This pilot program is in partnership with cryptocurrency alternate Gemini.
The financial institution’s CEO subsequently stated that though there are dangers in collaborating in crypto, there are greater dangers in not collaborating.
The ASIC chairman famous:
The truth Australia’s largest financial institution is already proposing a method of crypto publicity for its retail clients is telling. Yes, it’s solely a pilot undertaking, however the general path is obvious. This debate is not on the fringes of the monetary companies business.
At the identical convention Monday, the Liberal Party Senator for Victoria, Jane Hume, additionally spoke about cryptocurrency. She stated we should acknowledge that crypto is just not a fad, including that decentralized finance (defi) presents enormous alternatives.
What do you consider the Australian securities regulator’s feedback? Let us know within the feedback part under.
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