ASIC Raises Concerns About Risk-Focused Cryptocurrency Investors
- on Aug 12, 2022
Joe Longo, head of Australia’s financial services regulator, updated people on 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), said in an August 11 press release that for his research conducted in November 2021, which examined investment behavior after the start of the COVID-19 pandemic. The survey indicated that cryptocurrency was the second most common investment class, with 44% of respondents holding it. Of these investors, 25% indicated that cryptocurrency assets were the only investment class they were involved in. Joni Pirovich, an Australian digital asset lawyer, told Cointelegraph there have been confusions over 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 of cryptocurrency exchanges.
Based on information from Cointelegraph, the ASIC Chairman’s comments came during cryptocurrency trading and its comprehensive regulatory process in Australia. The ASIC takes care of financial activities in Australia and also provides regulatory compliance for the country’s cryptocurrency investments. The data mentioned by ASIC is based on 1,053 Australian adults aged 18 and over who traded securities, derivatives or cryptocurrencies, between March 2020 and November 2021.
Based on information provided by the official Cointelegraph website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets and emerging trends in financial technology (fintech ). Their team believes in delivering up-to-date news from the decentralized and centralized worlds. With technological breakthroughs in areas such as artificial intelligence (AI), virtual reality (VR), nanotechnology, quantum computing and a growing 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 information from Cointelegraph)
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