ASIC Chairman Joe Longo has urged investors to be careful to invest in crypto assets as it is unregulated and unable to maintain a steady pace and it’s virtually powerless to show results or intervene so consumers are on their own. If you want to read about the chairman it’s here.
What ASIC Chairman Has To Say About Cryptocurrency
The Asic Chairman of the Australian security and investments commission Mr Longo who took charge in June has said that investors rush into the crypto market is extraordinary and he will not be a “cheerleader” of this new booming industry but admits somehow that it has potential by saying it nascent industry. He also says that it is not the regulator’s job to eliminate risk and that he is highly doubtful the investors completely understood what they are investing in (the private digital currency). But the prices have been swelled to 2.6 trillion USD.
He also posed questions in the audience “who among us can really say that they really understood Crypto assets and cryptocurrencies?”. He said in my view users should invest with caution rather than speculation. Not to pull all your eggs in one basket.
More Views On Cryptocurrency By Others
Cryptocurrencies such as Binance ether and tether are challenging banking systems as it has no physical form and fiat money. Paul Schroder the Australian super CEO said it’s just like gold does not generate any income stream. however, he showed interest in decentralized finance and blockchain technology. Stake founder Matthew Leibowitz said he is a digital broker and eventually offer crypto on his platform.
Some banks have cited risks of anti-money laundering risks and lack of regulation for cryptocurrencies. ASIC has provided however guidelines on exchange-traded funds linked to crypto assets. They are at least financial products and traded on a licensed exchange. So there will be some protections there but for the most part investor’s are on their own. They also say it’s a challenging sort of policy. Another fact is Australias largest bank is proposing a means of crypto exposure for its retail customers is telling. Australia will also not risk out the major technology that is the future potential to just let go out of the market.
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