THELOGICALINDIAN - The administrator of Australias Balance and Investments Commission ASIC says crypto is actuality apprenticed by amazing customer and broker appeal acquainted that The implications for consumers are potentially huge The balance regulator is currently alive with assembly to advance rules for cryptocurrencies
Regulator Sees ‘Extraordinary Consumer and Investor Demand’ for Crypto
Australian Securities and Investments Commission (ASIC) Chair Joe Longo talked about cryptocurrency at the Australian Financial Review’s Super & Wealth Summit Monday.
“Consumers should access advance in crypto with abundant caution,” he said, emphasizing its abridgement of broker protection. However, Longo opined:
While acquainted that the balance regulator is alive with assembly to advance rules for cryptocurrencies, he fatigued that abounding crypto assets are currently able so investors are on their own back advance in them.
“At present abounding crypto assets are apparently not banking products,” he explained. “ASIC has already provided some advice on exchange-traded funds affiliated to crypto assets — they at atomic are banking products, and traded on a accountant exchange, so there will be some aegis there.”
Nonetheless, the ASIC arch cautioned:
Earlier this month, Commonwealth Coffer of Australia (CBA or Commbank), the country’s better bank, announced that it will alpha acceptance some audience to buy, sell, and authority cryptocurrencies anon application its app. This pilot affairs is in affiliation with cryptocurrency barter Gemini.
The bank’s CEO after said that although there are risks in accommodating in crypto, there are bigger risks in not participating.
The ASIC administrator noted:
At the aforementioned appointment Monday, the Liberal Party Senator for Victoria, Jane Hume, additionally batten about cryptocurrency. She said we charge accede that crypto is not a fad, abacus that decentralized accounts (defi) presents huge opportunities.
What do you anticipate about the Australian balance regulator’s comments? Let us apperceive in the comments area below.
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