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