An Australian regulator recently said that crypto has high customer and investor demand, and this is what drives crypto in the first place. This is also the reason that the authorities and the government have made it almost a priority to regulate crypto assets. The difference between having laws and regulations to not having them could be a huge deal for investors, and therefore the regulator is also working to develop rules for crypto.
Crypto sees high customer and investor demand
In a recent summit, the Australian Securities and Investments Commission Chairman Joe Longo talked about cryptocurrency. He said that consumers and investors should be very cautious about crypto and the main reason for this is the lack of investor protection. This is why with such a huge demand, the authorities must do something to ensure customer security.
Joe also added that present investors are on their own when investing in crypto assets. It is also important to note that investors understand, not all cryptocurrencies are financial products. Yes, ETFs are something that the authorities approve of and have given some guidance on, but other than that, things are foggy. A good thing about ETFs is that they are closely monitored and evaluated before they are approved, making them much safer to invest in.
Australia has a high crypto demand
The Commonwealth Bank of Australia, which is also one of the largest in the country, plans to soon start offering crypto services. They announced their plan of allowing buy and sell options to investors. In fact, they have also planned to partner with the popular exchange Gemini to make this happen. The bank does understand the risk involved in the same but still believes that there is even more risk in not participating in the crypto space.
If the largest bank in Australia can say this, it is clear why the regulator said that crypto has high customer and investor demand. We can soon expect more developments in space and proper laws soon introduced in Australia.
What are your thoughts on the statement made by the Australian regulator? And what do you think is the case with crypto that it sees such high customer and investor demand? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.