Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says

Views:1297 Time:2022-08-13 11:01:09 Author: NiceNIC.NET

Australian crypto, Cryptocurrency Investors - NiceNIC.NET

Australian Securities Regulator Pushes for Rules to Protect Cryptocurrency Investors


Pressure on Australias new Labor government is mounting, to put an emphasis on consumer protection as it takes over a task from the preceding conservative government to adopt a regulatory policy regarding digital assets like cryptocurrencies. A years-long study on the matter, initiated by the former cabinet, is yet to answer the relevant questions of whether and how to do that.

 

According to a survey conducted by the Australian Securities and Investments Commission (ASIC) in November, 44% of over 1,000 retail investors admitted to holding cryptocurrency. The results indicated that crypto is the "second most popular investment after Australian shares," Reuters noted in a report. A quarter of the polled investors who held digital coins said they were their only investment.

 

Statistical data suggesting high rates of cryptocurrency ownership in Australia were dismissed last year by a top central bank official who referred to the numbers as "implausible," the news agency remarks. But ASIC believes they make "a strong case for regulation."

 

Source from Bitcoin.com

 

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