20% of Australians who own cryptocurrencies consider them to be risky

According to a survey by ASIC (Australian Securities Industry Commission), only 20% of cryptocurrency holders consider cryptocurrency deposits to be dangerous, while the rest do not associate digital savings with anything risky.

Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), cites a study conducted in November 2021 and notes that the behavior of crypto depositors has changed somewhat since the outbreak of the COVID-19 pandemic. According to the study, 44% of Australians surveyed reported owning cryptocurrencies, of which 25% said that crypto assets were the only class of investment they had invested in.

According to Longo, the study emphasizes the attractiveness of crypto assets for investors, but they may not understand the risks. «According to the survey, only 20% of cryptocurrency holders consider their investment approach risky. This raises concerns that investors do not understand the threats associated with this asset class. Investor protection in the industry is very limited, so now we have an opportunity to significantly strengthen regulation of the industry,» he said.

Currently, digital currency trading in Australia is superficially regulated, but many cryptocurrency firms in the country are in favor of full regulation.