Australian Regulator Comments Crypto Investors 'on their own’ for Now

Gitumani  |  Nov 22, 2021

Australian regulator comments on crypto investors being 'on their own' for now. Highlighting the article released on  Nov 22: Monday, Australia's corporate inspector comments, "We are operating with lawmakers to evolve rules for digital currencies. We even notified several crypto assets which are unregulated for now. Henceforth, we're mislaying investors in such products "on their own".

Australian Securities and Investments Commission (ASIC) chair Joe Longo comments in public, "the country's colossal bank exhibited plans to propound cryptocurrency trading. I'd ask the investors to be cautious buying products with zero protection," Joe Longo added.

Australian regulator comments on crypto investors

Longo communicated his thoughts to an Australian Financial Review Conference. He said, "Consumers should commence investing in crypto with undivided alertness."

He added, "Currently, innumerable crypto-assets are most likely not 'financial products'; henceforth for a majority, at present, investors are on their own." Commonwealth Bank of Australia becomes the 1st branch for retail customers

In November, Commonwealth Bank of Australia (CBA.AX) qualified industry ranks & added itself as the first main-street bank in the developed world to avail a platform for retail customers thereby helping them trade cryptocurrencies.

Operation of assets

"Crypto lately has become our doorstep. Crypto assets are being operated by extraordinary consumer and investor clamor. Indications for consumers are potentially huge," Longo said. 

The regulator stated they are being collaborative with lawmakers who have proposed remaking laws to entitle decentralized autonomous organizations (DAOs). DAOs are regulated by artificial intelligence rather than a board of directors, and a licensing regime for crypto exchanges. ASIC doesn't endeavor to eliminate risk. 

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