ASIC Chairman: Not against the cryptocurrency industry, but wants to root out bad behavior

On January 20, the chairman of the Australian Securities and Investments Commission, Joseph Longo, said the warning to individuals is to be careful not to put all your money in cryptocurrencies. Longo also made it clear that Australia’s top financial regulator is not against the cryptocurrency industry, but it wants to root out bad behavior. Regulating the cryptocurrency industry is challenging because many projects are not classified as "financial products." He also drew attention to the growing number of cryptocurrency-related scams in Australia.