Consumer advocates are calling on the federal government to urgently regulate cryptocurrency exchanges to protect consumers, amid evidence the “volatile, complex and high-risk products” are causing severe financial harm.
CHOICE senior policy adviser Patrick Veyret said Australians expected the same level of consumer protection and regulatory oversight for crypto assets as they do with other financial products.under the financial services laws that ASIC enforces, except for exchange traded funds linked to crypto assets.
“ASIC should also be granted powers to ban certain harmful crypto assets from being marketed and sold to retail investors,” he added.“More and more Australians are purchasing crypto assets such as Bitcoin and Ethereum without adequate consumer protections.”
Sounds like the banks are worried that consumers are parking their capital elsewhere. Volatile short term but long term growth !
I thought the whole purpose of crypto was the liberal and unregulated environment. Seriously ridiculous to regulate a Ponzi scheme
Perhaps we should 'regulate' small-cap equities as well amidst the volatility they have recently exhibited.
It’s easy. Don’t put funds in an unregulated environment….ffs. Lol.
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