ASIC Executives shaken by sheer amount of ‘risk-taking’ crypto investors

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AUSTRALIA - The financial services regulator sees the rise in crypto investment during the COVID-19 pandemic as a cause for concern, especially among young and new investors. Its Chief Joe Longo has raised the alarm over the sheer amount of people that invested in “unregulated, volatile” crypto assets during the pandemic. After a research conducted in November 2021, which looked into investment behavior following the onset of t COVID-19 pandemic, Longo stated: 

“We are concerned about the number of people surveyed who reported investing in unregulated, volatile crypto-asset products”.

The survey found that crypto was the second most common investment product, with 44% of those surveyed reporting holding it. Of those investors, 25% indicated that crypto assets were the only investment class they were involved in. 

Longo said the research highlights “the appeal of crypto-assets to the market,” but that investors may not know what risks they are taking on:

“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.”

Source https://cointelegraph.com/news/asic-chair-troubled-by-sheer-amount-of-risk-taking-crypto-investors

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