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Australian regulator says crypto investors ‘on their personal’ for now

SYDNEY, Nov 22 (Reuters) – Australia’s company watchdog mentioned on Monday it was working with lawmakers to develop guidelines for digital currencies however warned many crypto property remained unregulated for now, leaving investors in such merchandise “on their own”.

In his first public feedback for the reason that nation’s largest financial institution unveiled plans to supply cryptocurrency buying and selling, Australian Securities and Investments Commission (ASIC) chair Joe Longo informed investors to be cautious shopping for merchandise that had no safety. learn extra

“Consumers should approach investing in crypto with great caution,” Longo informed an Australian Financial Review Conference.

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“At present many crypto-assets are probably not ‘financial products’ …. for the most part, for now at least, investors are on their own.”

Earlier this month, Commonwealth Bank of Australia (CBA.AX) broke trade ranks by changing into the primary main-street financial institution within the developed world to supply a platform for retail prospects to commerce cryptocurrencies. learn extra

“Crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand. The implications for consumers are potentially huge,” Longo mentioned.

The regulator mentioned it was working with lawmakers who’ve proposed altering legal guidelines to permit decentralised autonomous organisations (DAOs), that are ruled by synthetic intelligence reasonably than a board of administrators, and a licensing regime for crypto exchanges. learn extra

“ASIC does not strive to eliminate risk. But, nor should we ignore it,” Longo added.

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Reporting by Paulina Duran in Sydney; Editing by Sam Holmes

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration//File Photo

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