An Australian regulator says crypto currencies are ‘private’ at the moment by a Reuters correspondent

Author Paulina Duran

SYDNEY (Reuters) – An Australian corporate regulator said on Monday that it was working with regulators to create digital currency regulations but warned that many cryptocurrencies remain unresolved at the moment, leaving traders in such devices “alone”.

In his inaugural address since the country’s largest bank unveiled cryptocurrency trading plans, Australian Securities and Investments Commission (ASIC) chairman Joe Longo urged investors to be cautious about purchasing unsecured items.

“Buyers should approach the currency in crypto very carefully,” Longo told the Australian Financial Review Conference.

“Right now most crypto-assets are probably not ‘financial’ …. much, for now at least, investors are on their own.”

Earlier this month, Commonwealth Bank of Australia (OTC 🙂 broke up big companies and became the first road bank in the developed world to offer platforms to retail customers to sell crypto currencies.

“Crypto is at our doorstep, here and there, and it is driven by the needs of buyers and sellers. The impact on consumers is huge,” Longo said.

The regulator said it is working with lawmakers who want to change the rules to allow decentralized autonomous organizations (DAOs), which are regulated by the mining industry and not a group of regulators, and licensed by the government to exchange crypto.

“ASIC does not try to eliminate the risk. But, also, we must not ignore it,” added Longo.