Stock Groups

Australian regulator says crypto investors ‘on their own’ for now -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO : This illustration, taken on June 29, 2021, shows the representations of cryptocurrencies Bitcoin (Ethercoin, DogeCoin and Ripple), as well as Ripple and Litecoin. REUTERS/Dado Ruvic/Illustration//File Photo

Paulina Duran

SYDNEY (Reuters), Australia’s corporate regulator said Monday it was working closely with lawmakers to establish rules for digital currencies. But, many crypto assets remain unregulated at the moment and investors are left “on their feet.”

Joe Longo, chair of the Australian Securities and Investments Commission was the first to speak publicly since Australia’s biggest bank announced plans for cryptocurrency trading. He advised investors not to buy products without protection.

Longo stated that consumers should be cautious about investing in crypto, at an Australian Financial Review Conference.

“At the moment, many crypto-assets may not be ‘financial product’ …., but investors have their options.”

The Commonwealth Bank of Australia (OTC) was the first major bank to provide a trading platform to allow retail customers to trade cryptocurrency earlier this month.

Cryptotomo is at our doorstep and driven by exceptional investor and consumer demand. Longo stated that the implications for consumers could be huge.

It said that it was in dialogue with lawmakers to amend laws to permit decentralised autonomous organizations (DAOs). These are run by artificial intelligence, not a board.

ASIC doesn’t try to eliminate risks. Longo said that we should not ignore risk.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]