{"id":14643,"date":"2021-11-24T02:54:07","date_gmt":"2021-11-24T02:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-is-driven-by-extraordinary-consumer-and-investor-demand-says-australian-regulator\/"},"modified":"2021-11-24T02:54:07","modified_gmt":"2021-11-24T02:54:07","slug":"crypto-is-driven-by-extraordinary-consumer-and-investor-demand-says-australian-regulator","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-is-driven-by-extraordinary-consumer-and-investor-demand-says-australian-regulator\/","title":{"rendered":"Crypto Is Driven by Extraordinary Consumer and Investor Demand, Says Australian Regulator"},"content":{"rendered":"

The chairman of Australia\u2019s Securities and Investments Commission (ASIC) says crypto is \u201cbeing driven by extraordinary consumer and investor demand,\u201d noting that \u201cThe implications for consumers are potentially huge.\u201d The securities regulator is currently working with lawmakers to develop rules for cryptocurrencies.<\/strong><\/p>\n

Regulator Sees \u2018Extraordinary Consumer and Investor Demand\u2019 for Crypto<\/h2>\n

Australian Securities and Investments Commission (ASIC) Chair Joe Longo talked about cryptocurrency at the Australian Financial Review\u2019s Super & Wealth Summit Monday.<\/p>\n

\u201cConsumers should approach investing in crypto with great caution,\u201d he said, emphasizing its lack of investor protection. However, Longo opined:<\/p>\n

Crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand. The implications for consumers are potentially huge.<\/p>\n

While noting that the securities regulator is working with lawmakers to develop rules for cryptocurrencies, he stressed that many crypto assets are currently unregulated so investors are on their own when investing in them.<\/p>\n

\u201cAt present many crypto assets are probably not financial products,\u201d he explained. \u201cASIC has already provided some guidance on exchange-traded funds linked to crypto assets \u2014 they at least are financial products, and traded on a licensed exchange, so there will be some protection there.\u201d<\/p>\n

Nonetheless, the ASIC chief cautioned:<\/p>\n

For the most part, for now at least, investors are on their own.<\/p>\n

Earlier this month, Commonwealth Bank of Australia (CBA or Commbank), the country\u2019s largest bank, announced<\/a> that it will start allowing some clients to buy, sell, and hold cryptocurrencies directly using its app. This pilot program is in partnership with cryptocurrency exchange Gemini.<\/p>\n

The bank\u2019s CEO subsequently said that although there are risks in participating in crypto, there are bigger risks<\/a> in not participating.<\/p>\n

The ASIC chairman noted:<\/p>\n

The fact Australia\u2019s largest bank is already proposing a means of crypto exposure for its retail customers is telling. Yes, it\u2019s only a pilot project, but the overall direction is clear. This debate is no longer on the fringes of the financial services industry.<\/p>\n

At the same conference Monday, the Liberal Party Senator for Victoria, Jane Hume, also spoke about cryptocurrency. She said we must acknowledge that crypto is not a fad<\/a>, adding that decentralized finance (defi) presents huge opportunities.<\/p>\n

What do you think about the Australian securities regulator\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, ASIC, asic chairman, Australia, australian crypto regulation, Joe Longo, Joe Longo bitcoin, Joe Longo crypto<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of Australia\u2019s Securities and Investments Commission (ASIC) says crypto is \u201cbeing driven by extraordinary consumer and investor demand,\u201d noting that \u201cThe implications for consumers are potentially huge.\u201d The securities regulator is currently working with lawmakers to develop rules for cryptocurrencies. Regulator Sees \u2018Extraordinary Consumer and Investor Demand\u2019 for Crypto Australian Securities and Investments…<\/p>\n","protected":false},"author":0,"featured_media":14644,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14643"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14643"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14644"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}