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.
Source
What I wonder is, however, whether such sharp warnings would be followed by any further regulatory actions.
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.
Source
What I wonder is, however, whether such sharp warnings would be followed by any further regulatory actions.