ASIC (Australian Securities and Investments Commission) stated that financiers who promote cryptocurrency projects can provoke people for reckless investment of assets. The country establishes liability for this. Influential people from the world of finance were warned about it by ASIC.
According to the Australian authorities, some “whales” from the world of finance can influence the crypto market and push users to rash investments. ASIC pointed out that if the warning is ignored, the violators will not get off with warnings. They will be prosecuted for five years in prison for individuals and millions in fines for the company if found guilty.
However, not everyone in Australia sees ASIC’s position as unambiguous. Senator Andrew Bragg found a discrepancy between the regulatory forms applied to cryptocurrencies in Australia and the new recommendations of the Securities Commission.
In his opinion, according to the current laws, the crypto industry should not be limited in this way.
We recommend that influential financiers be more careful in their statements and carefully analyze the information provided to people. In the event that we notice violations, this will be qualified as the provision of unlicensed services,the department clarified.
Now ASIC applies laws to cryptocurrencies in the same way that digital assets fall under the definition of a financial product. However, cryptocurrency is currently unregulated and is not a financial product. I believe we can do more,the senator said.
