The chief of Australia’s financial services regulator Joe Longo has raised the alarm over the sheer amount of people that invested in “unregulated, volatile” crypto assets during the pandemic.
Longo, chairman of the Australian Securities and Investments Commission (ASIC) made the comments in an Aug. 11 media release for its research conducted in November 2021, which looked into investment behavior following the onset of t COVID-19 pandemic, stating:
"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...
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