November 23, 2021

Australian Supervisors Warn, It's Up to Crypto Investors to Take the Risk!

 "Everything is in your hands".

Australian supervisors have warned of the protection of cryptocurrency investors in the country following the status of the assets which have not been legalized.

In an announcement earlier this week, the Australian Securities and Investments Commission (ASIC) revealed they are working with lawmakers to introduce legislation for digital currency investments.

ASIC chairman Joe Longo described the unregulated cryptocurrency as not a ‘financial product’.

Because of that as long as the law has not been implemented, investor protection is not under the scrutiny of Australian supervisors as the risk is the choice of the individual himself.

For the record, the Commonwealth Bank of Australia became the first bank to offer cryptocurrency trading in the country in early November.

While crypto assets are seen as an economic growth opportunity due to widespread demand, Longo believes it still has a huge impact on its investors.

ASIC together with lawmakers also discussed changes to the law which would allow the establishment of a decentralized autonomous organization (DAO) and the licensing of crypto exchanges in Australia.

Apparently, there is potential for the crypto sector to continue to grow in the country as Longo claims, they are not wanting to get rid of the risk but should not ignore its potential.