Australian regulator warns investors against dealing with unlicensed firms

The Australian Securities and Investments Commission (ASIC) urged investors to exercise caution when investing in crypto-related financial products and to avoid dealing with unregistered companies.

\”Licensed entities are subject to the regulatory framework designed to uphold the integrity, quality and reputation of Australia’s financial system,\” ASIC said.

According to a Kraken cryptocurrency exchange survey, one in five Australians considered investing in Bitcoin more profitable than traditional savings. Billionaire Hamish Douglas offered a different view — he called digital assets one of the greatest mass delusions in modern history.

Earlier in July, the Australian blockchain association called on authorities to take a coordinated approach to the creation of a regulatory framework for the cryptocurrency industry.

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