ASIC urges Australians to be wary of investing in crypto related financial products

Discussion in 'Crypto Assets' started by mlawson71, Aug 26, 2021.

  1. mlawson71

    mlawson71

    The Australian financial regulator ASIC recently issued a sharp warning against investing in cryptocurrency-related assets when the provider of those assets is not licensed.

    ASIC specifically focused on unlicensed entities with dubious credibility that offer cryptocurrencies and promise unrealistic or even guaranteed profits.

    To quote them: “ASIC urges Australians to be wary of investing in crypto- asset- related financial products and services where the provider does not hold an AFS license or an AML” and they also added, “an entity is required to be licensed by the ASIC if they provide financial services (such as advising or dealing) concerning financial products offered in Australia.”

    ASIC also warned the public that the cryptocurrency scams have increased by 20% compared to last year.

    I wonder whether they would push for any further regulation though, or would be satisfied with warnings.
     
    johnarb and murray t turtle like this.
  2. johnarb

    johnarb


    ASIC sounds like application-specific integrated circuit used for bitcoin mining :D
     
    mlawson71 likes this.
  3. mlawson71

    mlawson71

    Ha, that had not occurred to me before! :D
     
    johnarb likes this.