The Australian Securities and Investments Commission (ASIC) has released a report on retail investment behaviour (REP 735) revealing a change in the mix of products and trading platforms being used. ASIC Chair Joe Longo said the regulator is concerned about the number of people who reported investing in “unregulated, volatile crypto-asset products”.
Of the 1,053 retail investors surveyed, 44 per cent reported holding cryptocurrency, making it the second most common product held after shares. A quarter of those who held cryptocurrency indicated that it was their only investment.
Mr Longo said only 20 per cent of cryptocurrency owners considered their investment approach to be “risk-taking”. ASIC is also concerned that there are limited protections for crypto-asset investments given they have become increasingly mainstream and are heavily advertised and promoted. “There is a strong case for regulation of crypto-assets to better protect investors”, Mr Longo said.
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