Officials in Australia have different approaches to the crypto industry.
Chairman of the Australian Securities and Investments Commission (ASIC), Joe Longo talked about cryptocurrencies on November 22, urging people to be careful about investing their all savings into unregulated assets that many don't completely understand.
The official said the crypto sector had become too big to ignore. He advised consumers to consider the risks before making any financial decisions.
According to the news provider, The Sydney Morning Herald, Joe Longo said for now consumers are on their own as there is no regulatory framework for the industry. During the "Super & Wealth Summit" event, the ASIC chair said preventing people from investing in crypto isn't ASIC's job, however, they must be aware of the risks.
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The country has been discussing crypto actively. Last week, Australia's central bank warned about the risks connected with crypto, saying their value would probably decrease. The bank's head of payments policy, Tony Richards called the interest in crypto a fad.
Meanwhile, Australian Senator, financial services and the Digital Economy minister Jane Hume, said the Australian government needs to understand that crypto isn't a fad. Speaking at Super & Wealth Summit, she said Australia needs to thread the sphere cautiously, but not fearfully. She added it isn't right to be speculative about tech disruptions, bringing the examples, when some people thought that the internet, iPhone and email were passing fads.