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Australian financial regulators plans to adopt solid regulatory policy to protect consumer investments

As the Australian Securities and Investments Commission (ASIC) said on August 11, a solid regulatory policy needs to be adopted for cryptocurrencies, to protect consumer investments.

The Australian Securities and Investments Commission (ASIC) conducted a survey in November on cryptocurrency investments. The survey was conducted on 1,000 retail investors and over 44% of 1000 investors agreed to hold a cryptocurrency. The results showed that after Australian shares, crypto is the second most popular investment.

One of the top officials of the Central Bank dismissed the high number of cryptocurrency owners in Australia by referring to the number as “implausible” but ASIC is to form a “strong case of regulation.”

Moreover, another shocking result from the survey is that 41% of the respondents got the investment ideas from the online video sharing platform like YouTube and 1 out of 10 points to social media platforms like Facebook. Only 13% accepted to get the investment idea from their respective broker and financial adviser.

Joe Longo ASIC Chairman expressed his concern for the participants who participated in the survey and said, “there are restricted insurances for crypto investments provided they become increasingly mainstream and are heavily publicized and promoted. There is a strong need for regulation of crypto investment to protect the crypto investors better.”

Due to the increasing rate hike from the Australian government, investors exited from the speculative assets. Users’ retreat caused the major businesses to bankrupt that revolved around cryptocurrencies.

The survey was conducted at a time when the BTC and ETH are reaching their record highs. The Australian share market has fallen to 6% while both the cryptocurrency has fallen about 70%-80% from their record highs. 

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