Australian regulator says crypto investors 'on their own' for now

Australian regulator says crypto investors 'on their own' for now

Australian regulator says crypto investors 'on their own' for now

Information about Australian regulator says crypto investors 'on their own' for now

Kevin David Scam or Legit


By Paulina Duran
SYDNEY (Reuters) – Australia’s corporate watchdog said on Monday it was working with lawmakers to develop rules for digital currencies but warned many crypto assets remained unregulated for now, leaving investors in such products “on their own”.
In his first public comments since the country’s largest bank unveiled plans to offer cryptocurrency trading, Australian Securities and Investments Commission (ASIC) chair Joe Longo told investors to be cautious buying products that had no protection.
“Consumers should approach investing in crypto with great caution,” Longo told an Australian Financial Review Conference.
“At present many crypto-assets are probably not ‘financial products’ …. for the most part, for now at least, investors are on their own.”
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