The lawmakers of Australia found themselves lacking the potential to regulate a few crypto assets and projects and said now investors are on their own.
Recently Commonwealth Bank announced plans to launch crypto trading services for their more than 6 million Aussie users. But as we know that all such things are under the full regulation framework to ensure the safety of the users against any kind of manipulation.
Commonwealth Bank added around 10 popular flagships to the crypto-assets list of the crypto industry, to save their clients to remain away from any kind of pump dump or manipulation scheme.
Corporate watchdog working on the crypto regulation framework in Australia, speaking on the regulation concerns to regulate crypto assets on Monday, said that many crypto assets are unregulated and now lawmakers are leaving it to the crypto investors on their own.
Through the statements, watchdogs tried to suggest to all the crypto investors to remain away from any kind of such crypto assets, which are out of the course of the regulation system.
Joe Longo, chair of the Australian Securities and Investments Commission (ASIC), said that investors should remain aware of the unregulated products that they are buying.
“Consumers should approach investing in crypto with great caution. At present many crypto-assets are probably not ‘financial products’ …. for the most part, for now at least, investors are on their own”
Longo also asserted that there is a huge demand for crypto services by the crypto investors of Australia. Further continues
“Crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand. The implications for consumers are potentially huge,”
The regulator also said that they are working with the financial regulator to change the laws for this industry to bring rules for the DAOs to work independently without any license needed over the crypto exchanges.
It seems that Australian lawmakers have concerns in the Defi & DAOs, which are totally independent and working fully in the decentralized model. They warned their citizens indirectly to remain away because these are under the control of high profile money makers.