“More and more Australians are buying crypto assets such as Bitcoin and Ethereum without proper consumer protection.”
According to a nationally representative survey by consumer group CHOICE, nearly one in five Australians is involved in or interested in crypto trading.
According to the survey, 12% of Australians have bought cryptocurrencies in the last 12 months and another 11% have been interested in acquiring the emerging asset class.
“Suppression of the crypto industry”
Veyret said CHOICE had heard that Australians suffered financial losses from buying “unsightly” crypto assets.
“Recently, we’ve seen a lot of exchange collapses where people have lost all their savings and can’t get their money back.”
Conversely, Labor Party financial services spokesman Stephen Jones said cryptocurrencies would be part of an extensive overhaul of payment systems such as Apple and Google-run digital wallets if the party wins federal elections. Said that. Government Review Completed Last Year by Attorney Scott Farrell..
“It inevitably leads to greater regulation on exchanges,” Jones said. Australian Financial Review Cryptocurrency Summit During April.
Liberal Senator Andrew Bragg led the Morrison government’s promotion of crypto policy and legal framework through a Senate report that the Treasury is considering in conjunction with Farrell’s payment review.
In December, the Morrison government said It will adopt most of Bragg’s Senate Committee recommendations, Includes the creation of crypto rules held by local custodians and a special category of crypto market licenses.
The Treasury began the cryptographic regulatory consultation process in March and ended last Friday.
CHOICE’s Veyret said “raining in the unregulated crypto industry” should be one of the workers’ priorities in the government.
