Australian consumer groups are all set to call for the urgent regulations of crypto!
With a few crypto exchanges shutting down and an increase in scams, crypto investors want the same level of protection as stock traders
Australian consumer advocacy group Choice urges the new Labor government to prioritize cryptocurrency regulation, the Australian Associated Press reported. Also, the call for regulation comes amid investor protection. Further, it concerns after a few recent crypto exchange collapses and a rise in crypto scams observed by Choice, the report said.
Choice spokesperson Patrick Veyret said:
“Choice is hearing from many Australians about financial loss and other harm caused by purchasing crypto assets that were not what they appeared to be. We’ve seen a number of recent collapses of exchanges where people have lost all of their savings. Also, they have no ability to get their money back.”
Moreover, Crypto-related crime has been on the rise in Australia, along with the rest of the world. According to the AAP report, around 10,000 crypto scam reports were filed with the Australian Competition. These losses are around $92.8 million.
Australian Consumer Group Call Out!
In December 2021, the Australian exchange MyCryptoWallet wound up its business. Blockchain Global Limited collapsed in October 2021, owing investors around $15 million(AU$21 million). Furthermore, ACX Exchange, previously operated by Blockchain Global, shut down in early 2020, owing 200 investors around $7 million(AU$10 million).
In addition, the Australian consumer advocacy group Choice urges the new Labor government to prioritize cryptocurrency regulation. Furthermore, the call for regulation comes amid investor protection concerns after a few recent crypto exchanges collapses. There is a rise in crypto scams!
Choice spokesperson Patrick Veyret said:
“Choice is hearing from many Australians about financial loss and other harm caused by purchasing crypto assets that were not what they appeared to be. Also, we’ve seen a number of recent collapses of exchanges where people have lost all of their savings with no ability to get their money back.”
Crypto-related crime has been on the rise in Australia, along with the rest of the world.
In December 2021, the Australian exchange MyCryptoWallet wound up its business. Blockchain Global Limited collapsed in October 2021, owing investors around $15 million(AU$21 million). It shuts down in early 2020, owing 200 investors around $7 million(AU$10 million).
But most importantly, Choice wants regulation with “no loopholes” that encompasses all crypto service providers. Furthermore, the regulatory regime should also cover all digital assets. It includes currencies and non-fungible tokens (NFTs).
For More: Legal framework approved by Paraguay for regulating Crypto mining!
