Wednesday, December 1, 2021

Crypto Is Driven by Extraordinary Consumer and Investor Demand, Says Australian Regulator – Regulation Bitcoin News

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The chairman of Australia’s Securities and Investments Commission (ASIC) says crypto is “being driven by extraordinary consumer and investor demand,” noting that “The implications for consumers are potentially huge.” The securities regulator is at the moment 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 should approach investing in crypto with great caution,” 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 client and investor demand. The implications for shoppers are probably enormous.

While noting that the securities regulator is working with lawmakers to develop guidelines for cryptocurrencies, he pressured that many crypto property are at the moment unregulated so traders are on their very own when investing in them.

“At present many crypto assets are probably not financial products,” he defined. “ASIC has already provided some guidance on exchange-traded funds linked to crypto assets — they at least are financial products, and traded on a licensed exchange, so there will be some protection there.”

Nonetheless, the ASIC chief cautioned:

For probably the most half, for now no less than, traders 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 purchasers to purchase, promote, and maintain cryptocurrencies straight utilizing its app. This pilot program is in partnership with cryptocurrency change Gemini.

The financial institution’s CEO subsequently stated that though there are dangers in taking part in crypto, there are greater dangers in not taking part.

The ASIC chairman famous:

The truth Australia’s largest financial institution is already proposing a way of crypto publicity for its retail prospects is telling. Yes, it’s solely a pilot undertaking, however the total route is evident. This debate is now not on the fringes of the monetary companies trade.

At the identical convention Monday, the Liberal Party Senator for Victoria, Jane Hume, additionally spoke about cryptocurrency. She stated we should acknowledge that crypto shouldn’t be a fad, including that decentralized finance (defi) presents enormous alternatives.

What do you concentrate on the Australian securities regulator’s feedback? Let us know within the feedback part beneath.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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