The Australian Securities and Investments Commission (ASIC) Chair Joseph Longo has made his thoughts on crypto investments clear: It’s “not my job to be a crypto cheerleader.”
During a Committee for Economic Development of Australia luncheon on Tuesday, Longo said that crypto is a “financial innovation full of promise, celebrity status, and volatility,” noting the differences between the benefits of blockchain and the volatility of crypto and how the two should not be confused with one another.
The ASIC is Australia’s equivalent to the United States SEC, regulating the country’s financial sector and protecting consumers. And with such a fast-growing population of crypto investors down under, the regulator is bringing renewed scrutiny to the industry.
According to an ASIC report published on August 11, 44% of the 1,053 Australians surveyed owned crypto, while 25% said that crypto was the only investment they owned.
“With so many new investors active in financial markets, the research builds on our understanding of retail investors and helps us consider where our regulatory efforts are warranted,” Longo said in the report.
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