ASIC: “Only 20% of cryptocurrency owners consider their investments risky”

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According to the ASIC survey, only 20% cryptocurrency owners consider their investment approach risky, while others do not fully understand the risks of investing in digital assets.

Chairman of the Securities and Exchange CommissionInvestment Australia (ASIC) Joe Longo has spoken out about the huge number of people who have invested in what he says are unregulated and volatile crypto assets during the pandemic. He cited a November 2021 study that examined investor behavior following the onset of the COVID-19 pandemic.

According to the results of the study,cryptocurrencies were the second most common investment product, with 44% of those surveyed reporting they own them. Of these, 25% indicated that crypto assets were the only investment class in which they were invested. According to Longo, the study highlights the attractiveness of crypto assets to investors, but they may not know what risks they are taking on.

“According to the survey, only 20% of ownerscryptocurrencies consider their investment approach risky. This raises concerns that investors do not understand the risks associated with this asset class. Investor protection in this industry is very limited, and there is a lack of understanding among investors of the risks they are taking. This is a good reason to strengthen regulation of the industry,” he said.

Now trading digital currencies in Australiaregulated superficially, but many cryptocurrency firms advocate full regulation. Thus, according to the CEO of the Australian division of the cryptocurrency exchange Binance, Leigh Travers, tightening regulation of the industry will create higher standards for companies.