ASIC raises concerns around risk-oriented cryptocurrency investors

Joe Longo, chief, Australian financial services regulator, has made people aware regarding the total number of people who invested in cryptocurrency assets during the pandemic, as reported by Cointelegraph.

According to Cointelegraph, Longo, who is the chairman of the Australian Securities and Investments Commission (ASIC), told in an August 11 media release that for its research conducted in November 2021, which looked into investment behaviour after the COVID-19 pandemic started. The survey stated that cryptocurrency was the second most common investment class, with 44% of the surveyed individuals holding it. Out of those investors, 25% indicated that cryptocurrency assets were the only investment class they involved themselves in. Joni Pirovich, Australian digital assets lawyer, told Cointelegraph, confusions took place about whether ASIC is properly equipped to oversee token issuers and their tokens. Pirovich noted that in Australia, token issuance and trading creates a conundrum for policymakers because once tokens are issued and traded on the open market, it becomes a matter for cryptocurrency exchanges. 

Based on information by Cointelegraph, the ASIC chair’s comments came during cryptocurrency trading and its complete regulation process in Australia. The ASIC looks after financial activities in Australia, and also ensures regulatory compliance over the country’s cryptocurrency investments. The data mentioned by ASIC is based on 1,053 Australian adults of at least 18 years old who traded securities, derivatives, or cryptocurrencies, between March, 2020, and November, 2021.

On the basis of information provided by Cointelegraph’s official website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team believes in the deliverance of up-to-date news from both the decentralised and centralised worlds. With technology breakthroughs occurring in fields such as artificial intelligence (AI), virtual reality (VR), nanotech, quantum computing, and an increasing number of businesses, entrepreneurs and consumers adopting blockchain technology in everyday life, the publication aims to inform, educate, and share information with its readers.

(With insights from Cointelegraph)

Also read: BTC mining stocks double in a month as production ramps

Follow us on TwitterFacebookLinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *