Crypto investors ‘on their own’

“At present many crypto-assets are probably not ‘financial products’, For now at least, investors are on their own,” Australian Securities and Investments Commission chair Joe Longo said.

SYDNEY: Australia’s corporate watchdog is working with lawmakers to develop rules for digital currencies but warns many crypto assets remain unregulated for now, leaving investors in such products “on their own”.

In his first public comments since the country’s largest bank unveiled plans to offer cryptocurrency trading, Australian Securities and Investments Commission chair Joe Longo told investors to be cautious buying products that had no protection.