As we have already informed you several times, Australia is one of the countries with a friendly attitude towards cryptocurrencies, but the problem is that many are not aware of the risks that the crypto market brings. The chairman of the Australian Securities and Investments Commission (ASIC), Joe Longo, also spoke on this topic, indicating his concerns about the lack of awareness of the risk when investing in digital assets. ASIC’s latest report from August this year states that out of more than 1,000 retail investors, up to 44% of them invest in digital assets, making them the second most common product type in the financial market in Australia.
“ASIC is also concerned that there are limited protections for crypto-asset investments given they have become increasingly mainstream and are heavily advertised and promoted.”
In the survey, approximately 41% of the respondents stated that they obtained their information about cryptocurrencies from social networking platforms such as Reddit, TikTok, Instagram, and Facebook, while some received information from so-called “financial influencers”, namely YouTube. Given the growing popularity, but also the lack of information about the sale and purchase of digital assets, the chairman of ASIC assures that he is working closely with the Australian government to create new regulations that will increase awareness of the risk to the industry and useful information.