One of the countries where the interest in cryptocurrencies and the number of investors has increased recently was Australia.
In the face of increasing interest in cryptocurrencies, Australia has started working on new proposals in recent months that include updates to the country’s payment system, including cryptocurrencies.
While innovative steps are being taken in the crypto industry in Australia, the country’s most important financial institution, the Australian Securities and Investments Commission (ASIC), warned citizens to be careful when investing in cryptocurrencies.
Defining cryptocurrencies as a “speculative investment,” ASIC noted in a recent report that fraud using cryptocurrencies has increased.
ASIC said Australians should be wary of cryptocurrency ads on social media, saying:
“Do not trust social media ads or online communications of someone promoting cryptocurrencies as an ‘investment opportunity’.”
ASIC especially said that investors should be very careful and do a good research before transferring money to self-managed funds (SMSF), and even an expert should be consulted on this subject.
Australian police reported in December that there were more than AUD $109 million in cryptocurrency scams last year.
*Not investment advice.