Main navigation

Australia's Top Financial Regulator Urges Investors Not to Put All Their Money Into Crypto

News
Wed, 01/19/2022 - 20:35
article image
Alex Dovbnya
The head of the ASIC is urging investors not to bet everything on crypto
Australia's Top Financial Regulator Urges Investors Not to Put All Their Money Into Crypto
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Australian Securities and Investments Commission chair Joseph Longo has urged investors not to bet their farm on crypto in a recent interview with The Australian Financial Review:

My personal warning to people is to be careful and don’t put all your money into crypto.

At the same time, Longo has also made it clear that Australia’s top financial regulator doesn’t oppose the cryptocurrency industry, but it wants to root out bad behavior.

The ASIC finds it concerning that a large number of Australians are exposed to risky cryptocurrency assets.

It has been estimated that there are roughly 2 million cryptocurrency owners in Australia.

Related
Google Pushes Deeper Into Crypto as It Hires PayPal Vet
Longo says that it’s challenging to supervise the cryptocurrency industry since a lot of projects are not classified as “financial products.”

He also called attention to the growing number of cryptocurrency-related scams in Australia.

Last month, federal police reported that Australians had lost A$109 million to crypto fraudsters in 2021.

Earlier this week, the ASIC issues a warning about the risks linked to investing retirement funds into crypto.

In early December, Federal Treasurer Josh Frydenberg announced his plan for regulating the crypto industry. The government also plans to issue its own cryptocurrency.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.