Australia's financial regulator has sounded the alarm over the number of young investors that hopped on the crypto train during the COVID-19 pandemic.
The chief of Australia’s financial services regulator Joe Longo has raised the alarm over the sheer amount of people that invested in “unregulated, volatile” crypto assets during the pandemic.
"We are concerned about the number of people surveyed who reported investing in unregulated, volatile crypto-asset products” “According to the survey, only 20% of cryptocurrency owners considered their investment approach to be ‘risk-taking’, raising concerns that investors did not understand the risks of this asset class.”
“The Chair is right to identify this as an issue [...] As the Senate Inquiry’s Chair I recommended sweeping reforms to regulate crypto. The government should do some work and do it quickly.”
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